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Tue, Jan 04, 2005

Rowan Sells Era Aviation

SEACOR Holdings Is The New Owner

Rowan Companies says it's sold Era Aviation to SEACOR Holdings. The deal was finalized last Thursday. The purchase price was approximately $118.1 million in cash, subject to post-closing working capital adjustments, according to Rowan.

Era provides helicopter services for oil and gas operations in the Gulf of Mexico and Alaska and also conducts firefighting, flightseeing and utility activities in the Western US and Alaska. Era also operates a fixed wing commuter airline and charter business in Alaska. Era employs approximately 900 personnel and owns a fleet of 81 helicopters and 16 fixed wing aircraft.

As previously announced, Rowan will use a portion of the proceeds to make a $60 million contribution to its defined benefit pension plan and intends to pay a special dividend to shareholders of 25(cents) per share. The record and payment dates for the dividend will be determined later by the Company's Board of Directors.

FMI: www.rowancompanies.com

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