COMMITMENTS AND CONTINGENT LIABILITIES (Tables)

12 Months Ended

Dec. 31, 2012

COMMITMENTS AND CONTINGENT LIABILITIES [Abstract]

Future minimum payments to be made under noncancelable operating leases

At December 31, 2012, future minimum payments to be made under noncancelable operating leases were as follows (in thousands):

2013	$	5,120
2014		4,778
2015		4,243
2016		4,250
2017		4,080
Later years		11,359
	$	33,830

Status of company's rigs under construction

The following table presents the status of the Company's rigs under construction as of December 31, 2012.  Project costs include capitalized interest (in millions):

	Scheduled delivery date	Total estimated project costs		Total costs incurred through Dec. 31, 2012		Projected costs in 2013		Projected costs in 2014		Projected costs in 2015		Total future costs
Rowan Renaissance	Dec-13	$	730	$	202	$	516	$	12	$	-	$	528
Rowan Resolute	Jun-14		738		186		144		408		-		552
Rowan Reliance	Oct-14		731		188		48		491		4		543
Rowan Relentless	Mar-15		760		170		43		103		444		590
		$	2,959	$	746	$	751	$	1,014	$	448	$	2,213