courtesy Rowan Companies Inc.

Drilling outfit Rowan Companies, Inc. said its manufacturing business LeTourneau Technologies Inc. will build four new 2000-horsepower land drilling rigs for Weatherford Drilling International in a deal worth $74.4 million.

Construction is expected to start immediately with delivery of the first land rig in the third quarter of 2008, and should be completed by July of 2009. LTI will assemble the land rigs from its Jebel Ali, Dubai yard, located in the United Arab Emirates.

The land rigs will feature LTI's new AC drive technology and key drilling equipment that is well respected in the industry for providing high performance, reliability and low maintenance operations, a statement said.

This latest contract helps confirm LTI's growing global position the company said.

Tags: Le Tourneau