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): November 1, 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 2.02 - Results of Operations and Financial Condition

The following information is disclosed pursuant to Item 2.02 - Results of Operations and Financial Condition:

On November 1, 2005, Rowan Companies, Inc. issued a press release announcing its operating results for the third quarter of 2005. The press release is attached as Exhibit 99.1.

Item 9.01 - Financial Statements and Exhibits

(c) Exhibits

Exhibit
Number	Exhibit Description
99.1	Press release of Rowan Companies, Inc. dated November 1, 2005
99.2	Rowan Companies, Inc. Offshore Rig Utilization for the Three Months Ended September 30, 2005

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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/ W. H. WELLS_________________

W. H. Wells,

Vice President - Finance and Treasurer (Principal Financial Officer)

Dated: November 1, 2005

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INDEX TO EXHIBITS

Exhibit
Number	Exhibit Description
99.1	Press release of Rowan Companies, Inc. dated November 1, 2005
99.2	Rowan Companies, Inc. Offshore Rig Utilization for the Three Months Ended September 30, 2005

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EX-99.1

EXHIBIT 99.1

Rowan Companies, Inc.

News Release                                     2800 Post Oak Boulevard, Suite 5450

Houston, Texas 77056 (713) 621-7800

FOR IMMEDIATE RELEASE       November 1, 2005

ROWAN REPORTS RECORD QUARTERLY REVENUES

AND IMPROVED OPERATING RESULTS

HOUSTON, TEXAS -- For the three months ended September 30, 2005, Rowan Companies, Inc. (RDC - NYSE) generated net income of $74.6 million, or 67¢ per share, compared to $9.9 million, or 9¢ per share, in the same period of 2004. Revenues were a record $284.4 million in the third quarter of 2005, compared to $181.6 million in the third quarter of 2004. The current period results included gains on asset sales and a loss related to hurricane damage that together contributed approximately 18¢ per share, net of tax.

The Company generated income from continuing operations of $148.4 million, or $1.35 per share, on revenues of $751.4 million during the nine months ended September 30, 2005, compared to income from continuing operations of $11.1 million, or 10¢ per share, on revenues of $489.0 million during the same period of 2004. Net income was $160.3 million, or $1.46 per share, for the nine months ended September 30, 2005, compared to a net loss of $3.5 million, or 3¢ per share, for the nine months ended September 30, 2004.

Rowan’s offshore rig utilization was 97% during the third quarter of 2005, unchanged from the comparable 2004 period. The Company’s average Gulf of Mexico day rate was a record $74,400 during the third quarter of 2005, up by $7,800, or 12%, from the second quarter and by $27,900, or 60%, from the comparable 2004 period. Rowan’s land rig utilization was 89% during the third quarter of 2005, up from 83% in the comparable 2004 period. The Company’s average land rig day rate was $18,800 during the third quarter of 2005, up by $1,700, or 10%, from the second quarter and by $6,400, or 52%, from the comparable 2004 period.

As previously reported, Rowan lost four jack-up rigs and had one jack-up severely damaged during Hurricanes Katrina and Rita. The Company recorded an $8.9 million loss during the third quarter of 2005 related to these events. The excess of Rowan’s insurance coverage over the carrying value of the rigs of approximately $26 million will be recognized upon collection. The Company lost 58 rig operating days associated with these rigs during the third quarter and approximately $4 million of drilling revenues.

Danny McNease, Chairman and Chief Executive Officer, commented, “Our drilling operations continue to produce record results and our near-term outlook remains very favorable. Rowan’s average offshore day rate worldwide is currently around $100,000 or about 20% higher than our average during the 2005 third quarter. And, despite the loss of revenues from five rigs and the recent sale of two others, our daily offshore drilling revenues in early December should be higher than they were in mid-August, when those seven rigs were still part of the Company’s offshore fleet. Absent a significant change in market fundamentals, we believe that the upward pressure on day rates will continue.

“We plan to expand our revenue base using our existing working capital and cash flows from operations. As previously reported, by the middle of next year we will have eight new land rigs and one refurbished land rig working under term contracts and generating approximately $200,000 of incremental drilling revenues per day. The Hank Boswell, our third Tarzan Class jack-up, is on schedule for delivery during the fourth quarter of 2006. In addition, we will soon commence the construction of a fourth Tarzan Class rig, which should be delivered during the third quarter of 2007.

“Our external manufacturing backlog is a record $318 million and includes one jack-up rig and three rig kits that should provide approximately $206 million in revenues over the next two years. In addition, we have orders for 14 mining loaders and 41 mud pumps that will be delivered within the next 12 months.”

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

This report contains forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, without limitation, statements as to the expectations, beliefs and future expected financial performance of the Company that are based on current expectations and are subject to certain risks, trends and uncertainties that could cause actual results to differ materially from those projected by the Company. Among the factors that could cause actual results to differ materially include oil and natural gas prices, the level of offshore expenditures by energy companies, energy demand, the general economy, including inflation, weather conditions in the Company’s principal operating areas and environmental and other laws and regulations. Other relevant factors have been disclosed in the Company’s filings with the U.S. Securities and Exchange Commission.

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EXHIBIT 99.1

ROWAN COMPANIES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
Unaudited (In Thousands)
		SEPTEMBER 30
		2005		2004
ASSETS
Cash and cash equivalents	$	516,422	$	292,983
Accounts receivable		245,737		140,134
Inventories		192,546		168,284
Other current assets		89,212		15,775
Total current assets		1,043,917		617,176
Property, plant and equipment - net		1,674,130		1,657,138
Other assets		15,525		16,404
Assets of discontinued operations		458		149,967
TOTAL	$	2,734,030	$	2,440,685
LIABILITIES AND STOCKHOLDERS' EQUITY
Current maturities of long-term debt	$	64,922	$	60,243
Other current liabilities		165,854		79,299
Total current liabilities		230,776		139,542
Long-term debt		563,657		577,053
Other liabilities		391,131		279,713
Liabilities of discontinued operations				28,504
Stockholders' equity		1,548,466		1,415,873
TOTAL	$	2,734,030	$	2,440,685

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EXHIBIT 99.1

ROWAN COMPANIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Unaudited (In Thousands Except Per Share Amounts)
		FOR THE THREE MONTHS						FOR THE NINE MONTHS
		ENDED SEPTEMBER 30						ENDED SEPTEMBER 30
		2005			2004			2005			2004
REVENUES:
Drilling services	$	217,381		$	133,952		$	560,297		$	346,081
Manufacturing sales and services		67,017			47,622			191,053			142,870
TOTAL		284,398			181,574			751,350			488,951
COSTS AND EXPENSES:
Drilling services		100,204			88,773			288,811			252,952
Manufacturing sales and services		57,950			39,777			166,311			121,382
Depreciation and amortization		20,261			20,041			60,221			58,386
Selling, general and administrative		17,941			10,137			47,287			28,504
Gain on sales of property and equipment		(40,781	)		(811	)		(50,963	)		(1,214	)
Loss from hurricane damage		8,907			-			8,907			-
TOTAL		164,482			157,917			520,574			460,010
INCOME FROM OPERATIONS		119,916			23,657			230,776			28,941
OTHER INCOME (EXPENSE):
Interest expense		(6,694	)		(5,329	)		(18,868	)		(15,433	)
Less interest capitalized		1,182			330			3,041			1,662
Interest income		4,349			1,160			10,460			2,687
Gain on sales of investments		-			-			9,553			-
Other - net		(41	)		114			528			288
OTHER INCOME (EXPENSE) - NET		(1,204	)		(3,725	)		4,714			(10,796	)
INCOME BEFORE INCOME TAXES		118,712			19,932			235,490			18,145
Provision for income taxes		44,087			7,649			87,140			7,046
INCOME FROM CONTINUING OPERATIONS		74,625			12,283			148,350			11,099
Income (loss) from discontinued operations, net of tax		-			(2,351	)		11,963			(14,600	)
NET INCOME (LOSS)	$	74,625		$	9,932		$	160,313		$	(3,501	)
PER SHARE AMOUNTS:
Income from continuing operations	$	.67		$	.11		$	1.35		$	.10
Income (loss) from discontinued operations, net of tax	$	-		$	(.02	)	$	.11		$	(.14	)
Net income (loss)	$	.67		$	.09		$	1.46		$	(.03	)
AVERAGE SHARES		110,605			108,054			109,944			106,549

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EXHIBIT 99.1

ROWAN COMPANIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Unaudited (In Thousands)
		FOR THE NINE MONTHS
		ENDED SEPTEMBER 30
		2005			2004
CASH PROVIDED BY (USED IN):
Operations:
Net income (loss)	$	160,313		$	(3,501	)
Adjustments to reconcile net income (loss)to net cash provided by operations:
Depreciation and amortization		60,308			71,375
Deferred income taxes		82,882			(2,444	)
Contributions to pension plans		(89,057	)		(18,576	)
Net gain on asset disposals		(51,609	)		(6,312	)
Other - net		19,434			39,691
Net changes in current assets and liabilities		(52,759	)		(48,549	)
Net changes in other noncurrent assets and liabilities		73			1,237
Net cash provided by operations		129,585			32,921
Investing activities:
Property, plant and equipment additions		(122,127	)		(102,458	)
Proceeds from asset disposals		81,856			13,894
Net cash used in investing activities		(40,271	)		(88,564	)
Financing activities:
Proceeds from borrowings		37,486			58,101
Repayments of borrowings		(48,179	)		(45,139	)
Proceeds from stock option and convertible debenture plans		26,004			12,457
Payments of cash dividends		(54,180	)		-
Proceeds from common stock offering, net of issue costs					264,980
Net cash provided by (used in) financing activities		(38,869	)		290,399
INCREASE IN CASH AND CASH EQUIVALENTS		50,445			234,756
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD		465,977			58,227
CASH AND CASH EQUIVALENTS, END OF PERIOD	$	516,422		$	292,983

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EX-99.2

EXHIBIT 99.2

ROWAN COMPANIES, INC.
OFFSHORE RIG UTILIZATION
THREE MONTHS ENDED SEPTEMBER 30, 2005
Rig Type	Units*	Utilization
Gorilla/Super Gorilla jack-ups	7	91	%
Tarzan Class jack-ups	2	100	%
350' jack-ups	7	98	%
300' jack-ups	3	100	%
250' jack-ups	1	100	%
Jack-ups	20	97	%
Semi-submersible	1	100	%
Offshore	21	97	%
Gulf of Mexico	18	99	%
* Number of units at September 30, 2005
Note: Only revenue-producing days are used in computing rig utilization.