ROWAN COMPANIES PLC - FORM 8-K - EX-99.1 - EXHIBIT 99.1 - February 27, 2012

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R O W A N    C O M P A N I E S ,    I N C
M O N T H L Y    F L E E T    S T A T U S    R E P O R T    A S    O F    F E B R U A R Y    2 7 ,    2 0 1 2
                                 
Revisions to Fleet Status Report Noted in Bold
                                 
                                 
                    Contract Status  
    Depth (feet)   Year in           Day Rate   Estimated    
Rig Class / Name   Water   Drilling   Service   Location   Customer   (in thousands)   Duration   Comments ($ in thousands)
                                 
Ultra Deepwater Drillships
GustoMSC 10,000 
Rowan Reliance      12,000       40,000   2015       Available           Rig is contracted for construction by HHI with expected delivery in late 2014.
Rowan Resolute      12,000       40,000   2014       Available           Rig is contracted for construction by HHI with expected delivery in mid 2014.
Rowan Renaissance      12,000       40,000   2014       Available           Rig is contracted for construction by HHI with expected delivery in late 2013.
                                 
Cantilever Jack-up Rigs:
N-Class
Rowan Norway *          400       35,000   2011   UK N. Sea   Xcite Energy   Low 200s   February 2012   Rig is on a standby rate. Contract is for combined drilling and production operations with an initial term of 240 days expected to commence at the beginning of March 2012.
                        Low 250s   October 2012   Contract has a one year priced option in the low 250s. Production fee of $1 per barrel of oil produced is also payable during the initial term. Xcite has agreed to release the rig following the initial term. Exercise date of the previously reported one year priced option in the low 250s has been deferred to eight months following the date operations under the initial term conclude. Any resulting rig requirement to be filled by an available rig selected by Rowan from the Super Gorilla Class or N-Class. Rig delivery to be within a nine month window commencing fourteen months from the option exercise date.
                Norway   ConocoPhillips   Low 350s   June 2016   Rig is expected to enter the shipyard in November 2012 for approximately 60 days prior to commencing a three and one-half year contract. The first 30 days in the shipyard are at zero day rate and the remainder is at a reduced day rate in the high 330s. The contract includes two priced options estimated at one year each. The first is at a day rate in the low 360s and the second is at a day rate in the low 370s.
Rowan Stavanger *          400       35,000   2011   Norway   Talisman Norway   High 330s   May 2012   Rig is conducting accommodations work in the Norwegian sector of the North Sea.
                        Low 350s   August 2012    
                UK N. Sea       Mid 270s   September 2012    
                        Low 240s   April 2013    
                Norway       Low 320s   June 2013    
                    Available       June 2014    
                    Lundin   Mid 340s   August 2015   Rig is contracted for 15 wells estimated to commence operations in the Norwegian sector of the North Sea in Q2 2014.  In the event the contract extends beyond 1000 days, the day rate increases to the mid 360s for the first 500-day extension and to the mid 370s for the second 500-day extension.  The Company may substitute a comparable rig depending on availability.
                        Mid 350s   November 2016  
                               
Rowan Viking *          400       35,000   2011   UK N. Sea   Total UK   Low 220s   January 2013   Rig was idle for six days during the month of January 2012.
S116-E EXL 
Rowan EXL IV            350       35,000   2011   Gulf of Mexico   Available           Rig was idle for three days during the month of January 2012.
Rowan EXL III            350       35,000   2011   Gulf of Mexico   McMoRan   Low 140s   March 2012    
Rowan EXL II            350       35,000   2011   Trinidad   BP Trinidad   Mid 130s   February 2014    
Rowan EXL I            350       35,000   2010   Gulf of Mexico   McMoRan   Low 140s   April 2012    
240C 
Joe Douglas            375       35,000   2012   Gulf of Mexico   Rooster Petroleum   Mid 120s   May 2012   Rig commenced initial operation in late February 2012 on a two well contract. Rig has a verbal commitment from McMoRan for one ultra deep gas well in the Gulf of Mexico (approximately one year) at a day rate in the low 180s.
Ralph Coffman            375       35,000   2009   Gulf of Mexico   McMoRan   Low 180s   March 2012    
                    Available       June 2012    
                Egypt   BG Egypt   Mid 220s   September 2014   Rig is expected to enter the shipyard in the Gulf of Mexico in early June 2012 for approximately 45 days at a reduced day rate in the low 180s, and then in the low 60s if the shipyard time goes longer. Rig is expected to commence operations in Egypt in September 2012. The contract includes a priced option for one additional well with an expected duration of 270 days in the low 200s.
Rowan-Mississippi            375       35,000   2008   Middle East   Saudi Aramco   Low 200s   June 2014   Company may be subject to penalty of up to one-half of the day rate for every day the rig was late beyond June 15, 2011, or approximately $21,000 per day penalty, which is reflected in the indicated day rate.  The Company is in the process of filing a formal appeal to Aramco to reverse the penalty.  The contract includes a priced option for one additional year in the mid 190s.  
225C Tarzan 
J.P. Bussell     300     35,000    2008    Vietnam    Petronas Carigali   High 120s   July 2012    
                                   Mid 120s   October 2012    
Hank Boswell            300       35,000   2006   Middle East   Saudi Aramco   High 120s   May 2014   Rig is expected to enter the shipyard for approximately 60-90 days in late 2012 for customer-required well control equipment upgrades. No day rate revenue will be recognized while the rig is in the shipyard.
Bob Keller            300       35,000   2005   Middle East   Saudi Aramco   High 120s   May 2014   Rig is expected to be off rate for approximately 30 days in Q1 2012 while undergoing modifications, and will enter the shipyard for another 60-90 days in Q2/Q3 2012 for customer-required well control equipment upgrades. No day rate revenue will be recognized while the rig is in the shipyard.
Scooter Yeargain             300       35,000   2004   Middle East   Saudi Aramco   High 120s   August 2014   Rig is expected to enter the shipyard for approximately 90-120 days in early Q4 2012 for customer-required well control equipment and mud pump upgrades. No day rate revenue will be recognized while the rig is in the shipyard.
224C Super Gorilla XL
Bob Palmer             550       35,000   2003   Middle East   Saudi Aramco   Low 270s   June 2014   The indicated day rate reflects an approximate $6000 per day penalty for late delivery of the rig. The Company has submitted a formal appeal to Aramco to reverse the penalty. The contract includes a priced option for one additional year in the mid 290s.
219C Super Gorilla
Rowan Gorilla VII             400       35,000   2002   UK N. Sea   Apache   Low 180s   May 2012   The contract includes two (2) six-month options at mutually–agreed rates with a cap of 120% of the current day rate.  
Rowan Gorilla VI             400       35,000   2000   UK N. Sea   BG   Low 200s    December 2012   The contract includes priced option for one well estimated for 300 days in the low 220s.
                Norway   ConocoPhillips   Low 350s   September 2016   Following the release of the rig from BG, it is expected to enter the shipyard for approximately 60 days prior to commencing a three and one-half year contract in late Q1 2013. The first 30 days in the shipyard are at zero day rate and the remainder is at a reduced day rate in the high 330s. The contract includes two priced options estimated at one year each. The first is at a day rate in the low 360s and the second is at a day rate in the low 370s.
Rowan Gorilla V             400       35,000   1998   UK N. Sea   Total   Low 180s   March 2012    
                        Mid 200s    March 2013    
200C Gorilla
Rowan Gorilla IV             450       35,000   1986   Gulf of Mexico    Walter Oil & Gas   Mid 120s   June 2012   Rig commenced operations in mid February 2012. Rig is expected to enter the shipyard at the conclusion of the current contract for life enhancement upgrades through the remainder of 2012. Rig was idle for the month of January 2012.
                                We are in discussions with Pemex regarding the application and payment of the day rate charges for approximately 60 days of downtime occurring during August, September and October 2011. No day rate revenue was recognized during the periods of downtime.
Rowan Gorilla III             450       30,000   1984   Trinidad   Niko Resources /
Bayfield Energy		   High 120s   November 2012   Contract is for a firm term of eight wells with an expected duration of one year.  Customer has the option to extend the contract for up to nine additional wells with an expected duration of one year.  The day rate for wells spud in the second year of the contract is the low 130s.  
Rowan Gorilla II             350       30,000   1984   Malaysia   Petronas Carigali   High 110s   November 2012    
116C
Rowan-California                300       30,000   1983   Middle East   Total Qatar   Low 60s   March 2012    
                    Wintershall   Mid 70s   August 2012   Rig is expected to enter the shipyard in early March 2012 for approximately 10 days for customer required modifications prior to commencing operations with Wintershall in mid March 2012.
Cecil Provine             300       30,000   1982   Gulf of Mexico   Apache   Mid 70s   March 2012    
Gilbert Rowe             350       30,000   1981   Middle East   Available           Rig is in the shipyard. Company is considering possible upgrades. Rig was idle during the month of January 2012.
Arch Rowan             350       30,000   1981   Middle East   Saudi Aramco   Low 80s   November 2014   Rig was in the shipyard for contractual upgrades during the month of January 2012. Rig commenced operations in mid February 2012. Company may be subject to a penalty of up to one-half of the day rate for every day beyond November 13, 2011, which is reflected in the indicated day rate. Any such penalty would be recognized ratably over the remaining contract period.
Charles Rowan             350       30,000   1981   Middle East   Saudi Aramco   Low 80s   November 2014   Rig was in the shipyard for contractual upgrades during the month of January 2012. Rig is expected to commence operations in early March 2012. Company may be subject to a penalty of up to one-half of the day rate for every day beyond November 13, 2011, which is reflected in the indicated day rate. Any such penalty would be recognized ratably over the remaining contract period.
Rowan-Paris             350       30,000   1980   Middle East   Available           Rig is in the shipyard. Company is considering possible upgrades. Rig was idle during the month of January 2012.
Rowan-Middletown             350       30,000   1980   Middle East   Saudi Aramco   Low 80s   November 2014   Rig was in the shipyard for contractual upgrades during the month of January 2012. Rig is expected to commence operations in late March 2012. Company may be subject to a penalty of up to one-half of the day rate for every day beyond November 13, 2011, which is reflected in the indicated day rate. Any such penalty would be recognized ratably over the remaining contract period.
Conventional Jack-ups                                
116 Slot
Rowan-Juneau             250       30,000   1977   Gulf of Mexico   Available           Rig was idle during the month of January 2012.
84 Slot
Rowan-Alaska             350       30,000   1975   Gulf of Mexico   Available           Rig was idle during the month of January 2012.
Rowan-Louisiana            350       30,000   1975   Gulf of Mexico   McMoRan   Low 70s   May 2012   Contract includes a priced option for one additional well estimated for 220 days at a day rate in the low 80s.  
                                 
"*" Denotes Keppel unit design constructed at Keppel FELS shipyard in Singapore.  Rig Class denotes LeTourneau, Inc. hull number. 200-C is a Gorilla class unit designed for extreme hostile environment capability. 219-C is a Super Gorilla class unit, an enhanced version of the Gorilla class, and 224-C is a Super Gorilla XL design.  225-C is a Tarzan Class unit.  240-C is LeTourneau's latest jack-up design.  Estimated contract durations reflect either stated drilling periods or expected time required for the contracted well or wells. Rowan EXL is an enhanced version of the Super 116E class.  Unless otherwise indicated, all day rates include estimated amortization of contract mobilization/modification revenues.
                                 
ROWAN HEREBY ADVISES THAT THE TABLE SET FORTH ABOVE MAY CONTAIN INACCURATE, INCOMPLETE AND/OR INCORRECT INFORMATION AND IS SUBJECT TO CHANGE AT ANY TIME.  THE INFORMATION SHOULD NOT BE RELIED UPON FOR ANY PURPOSE, AND ROWAN HEREBY DISCLAIMS ANY LIABILITY RELATING TO THE USE OF THE INFORMATION SET FORTH ABOVE.
                                 
This report contains forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, without limitation, statements as to the expectations, beliefs and future expected financial performance of the Company that are based on current expectations and are subject to certain risks, trends and uncertainties that could cause actual results to differ materially from those projected by the Company. Relevant factors have been disclosed in the Company's filings with the U. S. Securities and Exchange Commission.

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