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(See Note 11).</font></div> <div style="DISPLAY: block; TEXT-INDENT: 0pt"> <br /></div> <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">In May 2009, the FASB issued Statement of Financial Accounting Standards (&#8220;SFAS&#8221;) No. 165, <font style="DISPLAY: inline; FONT-STYLE: italic">Subsequent Events.&#160;&#160;</font>SFAS No. 165 establishes general standards of accounting and disclosure of events that occur after the balance sheet date but before financial statements are issued or are available to be issued, and is effective for interim or annual periods ending after June 15, 2009.&#160;&#160;Rowan adopted the provisions of SFAS No. 165 during the second quarter of 2009.&#160;&#160;Adoption had no material impact on the Company's financial statements. 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