Preview | Credit Agreement |

THIS AMENDMENT NO. 1, dated as of March 28, 2005 (Amendment No. 1), to the CREDIT AGREEMENT, dated as of May 28, 2003 is made by and among ROWAN COMPANIES, INC., a Delaware corporation (the Shipowner), GOVCO INCORPORATED, a Delaware corporation (the Primary Lender), CITIBANK, N.A., a national banking association (the Alternate Lender), CITIBANK, N.A., a national banking association, as facility agent for both the Primary Lender and the Alternate Lender (and their respective successors and assigns) with respect to the Floating Rate Note, and its permitted successors and assigns (in such capacity, the Facility Agent), and CITICORP NORTH AMERICA, INC., a Delaware corporation, as administrative agent for the Primary Lender and the commercial paper holders of the Primary Lender (and their respective successors and assigns) (in such capacity, together with its permitted successors and assigns, the Administrative Agent, and together with the Facility Agent, the Agents) (collectively the Parties).

WHEREAS, to aid in the construction of the self-elevating mobile offshore drilling unit to be named TARZAN II (the Vessel), on May 28, 2003, the Parties executed the Credit Agreement, providing for the delivery of no more than $89,658,000 principal amount of notes designated "United States Government Guaranteed Ship Financing Obligations, TARZAN II Series";