8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): January 28, 2005

ROWAN COMPANIES, INC.

(Exact name of registrant as specified in its charter)

DELAWARE	1-5491	75-0759420
(State or other jurisdiction	(Commission	(IRS Employer
of incorporation)	file Number)	Identification No.)

2800 POST OAK BOULEVARD
SUITE 5450
HOUSTON, TEXAS	77056-6127
(Address of principal executive offices)	(zip code)

(713) 621-7800

(Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 14a-12)

[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240-14d-2(b))

[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240-13e-4(c))

Item 8.01. Other Events

The following information is disclosed pursuant to Item 8.01 - Other Events:

On January 27, 2005, Rowan Companies, Inc. issued a press release announcing the declaration of a special dividend. The press release is attached as Exhibit 99.

Item 9.01. Financial Statements and Exhibits

(c) Exhibits

Exhibit
Number	Exhibit Description
99	Press release of Rowan Companies, Inc. dated January 27, 2005

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

ROWAN COMPANIES, INC.

       By: /s/ E. E. THIELE_________________

E. E. Thiele,

Senior Vice President - Administration, Finance and Treasurer (Principal Financial Officer)

Dated: January 28, 2005

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INDEX TO EXHIBITS

Exhibit
Number	Exhibit Description
99	Press release of Rowan Companies, Inc. dated January 27, 2005

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EX-99

EXHIBIT 99

Rowan Companies, Inc.

News Release                                     2800 Post Oak Boulevard, Suite 5450

Houston, Texas 77056 (713) 621-7800

FOR IMMEDIATE RELEASE                                                                                                                                      & nbsp;               January 27, 2005

ROWAN DECLARES SPECIAL DIVIDEND

HOUSTON, TEXAS -- The Board of Directors of Rowan Companies, Inc. (NYSE: RDC), on January 27, 2005, declared a special cash dividend of $.25 per share of Common Stock payable on February 25, 2005 to shareholders of record on February 9, 2005.

Danny McNease, Chairman and Chief Executive Officer, commented, “As previously announced, this dividend is being paid from a portion of the proceeds realized from the sale of Era Aviation, Inc. We are pleased to return to our shareholders a portion of the value created over the years of Rowan ownership.”

Rowan Companies, Inc. is a major provider of international and domestic offshore contract drilling services. The Company also operates a mini-steel mill, a manufacturing facility that produces heavy equipment for the mining, timber and transportation industries, and a drilling products division that has designed or built about one-third of all mobile offshore jack-up drilling rigs, including all 24 operated by the Company. The Company’s stock is traded on the New York Stock Exchange and the Pacific Exchange - Stock & Options. Common Stock trading symbol: RDC. Contact: William C. Provine, Vice-President - Investor Relations, 713-960-7575. Website: www.rowancompanies.com