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): May 24, 2006

 

ROWAN COMPANIES, INC.

(Exact name of registrant as specified in its charter)

DELAWARE	1-5491	75-0759420
(State or other jurisdiction	(Commission file Number)	(IRS Employer
of incorporation)		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 7.01. Regulation FD Disclosure

The following information is furnished pursuant to Item 7.01:

 The Offshore and Land Rig Fleet and Contract Status Reports for Rowan Companies, Inc., each as of May 24, 2006, is attached as Exhibit 99.1 and 99.2.

Item 9.01. Financial Statements and Exhibits

(c) Exhibits

Exhibit
Number	Exhibit Description
99.1	Offshore Rig Fleet and Contract Status at May 24, 2006
99.2	Land Rig Fleet and Contract Status at May 24, 2006

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: May 24, 2006

INDEX TO EXHIBITS

EXHIBIT DESCRIPTION

Exhibit
Number	Exhibit Description
99.1	Offshore Rig Fleet and Contract Status at May 24, 2006
99.2	Land Rig Fleet and Contract Status at May 24, 2006

-2-

EX-99.1

EXHIBIT 99.1

ROWAN COMPANIES, INC.
OFFSHORE RIG FLEET AND CONTRACT STATUS
As of May 24, 2006
OFFSHORE RIGS
						Contract Status
		Depth (feet) (b)		Year in			Day Rate	Estimated
Name	Class (a)	Water	Drilling	Service	Location	Customer	(in thousands)	Duration (h)
Cantilever Jack-up Rigs:
240C #2 (i)	240-C	400	35,000	2009	TBD	TBD	TBD	TBD
240C #1 (i)	240-C	400	35,000	2008	TBD	TBD	TBD	TBD
Tarzan IV (i)	225-C	300	35,000	2007	TBD	TBD	TBD	TBD
Hank Boswell (i)	225-C	300	35,000	2006	TBD	TBD	TBD	TBD
Bob Keller (c)(d)	225-C	300	35,000	2005	Gulf of Mexico	El Paso	Mid 160s	July 2006
						El Paso	Low 170s	January 2007
Scooter Yeargain (c)(d)	225-C	300	35,000	2004	Gulf of Mexico	ExxonMobil	Low 130s	July 2006
Bob Palmer (c)(d)	224-C	550	35,000	2003	Gulf of Mexico	Marathon	Low 120s	May 2006
						ATP	Mid 190s	August 2006
						BP	Mid 210s	January 2009
Rowan Gorilla VII (c)(e)	219-C	400	35,000	2002	North Sea	Maersk	Low 180s	August 2006
						Maersk	Mid 250s	August 2007
Rowan Gorilla VI (c)(e)	219-C	400	35,000	2000	E. Canada	Husky	Low 200s	November 2006
						Talisman	Mid 280s (j)	November 2007
						BG	Mid 260s (j)	May 2008
Rowan Gorilla V (c)(e)	219-C	400	35,000	1998	North Sea	Total Elf	Mid 130s	April 2007
Rowan Gorilla IV (c)(d)	200-C	450	35,000	1986	Gulf of Mexico	El Paso	Low 170s	July 2006
Rowan Gorilla III (c)(d)	200-C	450	30,000	1984	Gulf of Mexico	Remington	Low 150s	August 2006
						EOG Trinidad	High 180s	August 2007
Rowan Gorilla II (c)(d)	200-C	450	30,000	1984	Gulf of Mexico	Remington	Low 150s	August 2006
Rowan-California (c)	116-C	300	30,000	1983	Middle East	Saudi Aramco	Mid 110s	April 2009
Cecil Provine (c)(g)	116-C	300	30,000	1982	Gulf of Mexico	Apache	Low 150s	June 2006
Gilbert Rowe (c)(d)	116-C	350	30,000	1981	Gulf of Mexico	Newfield	Low 140s	July 2006
Arch Rowan (c)(d)	116-C	350	30,000	1981	Middle East	Saudi Aramco	Mid 110s	April 2009
Charles Rowan (c)(d)	116-C	350	30,000	1981	Middle East	Saudi Aramco	Mid 110s	April 2009
Rowan-Paris (c)(d)	116-C	350	30,000	1980	Gulf of Mexico	Apache	Mid 150s	September 2006
Rowan-Middletown (c)(d)	116-C	350	30,000	1980	Middle East	Saudi Aramco	Mid 110s	April 2009
Conventional Jack-up Rigs:
Rowan-Juneau (c)(f)	116	300	30,000	1977	Gulf of Mexico	Newfield	Mid 90s	June 2006
						Newfield	Low 130s	September 2006
Rowan-Alaska (c)(f)	84	350	30,000	1975	Gulf of Mexico	Devon	Low 160s	September 2006
Rowan-Anchorage (c)	52	250	20,000	1972	Gulf of Mexico	Remington	Mid 100s	June 2006

(a) Indicated class is a number assigned by LeTourneau, Inc. to jack-ups of its design and construction. Class 200-C is a Gorilla class unit

designed for extreme hostile environment capability. Class 219-C is a Super Gorilla class unit, an enhanced version of the Gorilla class.

Class 224-C is a Super Gorilla XL class unit. Class 225-C is a Tarzan Class unit. Class 240-C is a 240C class unit.

(b) Indicates rated water depth in current location and rated drilling depth

(c) Unit equipped with a top-drive drilling system

(d) Unit equipped with three mud pumps

(e) Unit equipped with four mud pumps

(f) Unit equipped with a skid base unit

(g) Unit sold and leased back under an agreement expiring in 2008

(h) Indicates estimated completion date of work to be performed

(i) Indicates units planned or currently under construction with anticipated year of completion

(j) Reflects the contracted base day rate and is exclusive of any additional fees related to mobilization or equipment upgrades. 

Disclaimer:

ROWAN HEREBY ADVISES THAT THE TABLE SET FORTH ABOVE MAY CONTAIN INACCURATE, INCOMPLETE AND/OR INCORRECT

INFORMATION AND IS SUBJECT TO CHANGE AT ANY TIME. THE INFORMATION SHOULD NOT BE RELIED UPON FOR ANY PURPOSE,

AND ROWAN HEREBY DISCLAIMS ANY LIABILITY RELATING TO THE USE OF THE INFORMATION SET FORTH ABOVE.

EX-99.2

EXHIBIT 99.2

ROWAN COMPANIES, INC.
LAND RIG FLEET AND CONTRACT STATUS
As of May 24, 2006
ONSHORE RIGS (a)
				Maximum		Contract Status
		Horsepower		Drilling			Estimated
Name	Type	Drawworks	Mud Pumps	Depth (feet)	Location	Customer	Duration (c)
Rig 9	Diesel electric	2,000	3,200	20,000	Louisiana	Anadarko	January 2007
Rig 12 (b)	SCR diesel electric	1,500	2,600	18,000	Texas	Cimarex	June 2006
Rig 14 (b)	AC electric	3,000	3,200	35,000	Texas	Newfield	November 2006
Rig 15 (b)	AC electric	3,000	3,200	35,000	Texas	Marathon	May 2006
Rig 18 (b)	SCR diesel electric	2,000	4,400	25,000	Texas	Anadarko	January 2007
Rig 26 (b)	SCR diesel electric	2,000	4,800	25,000	Louisiana	Noble Energy	August 2006
Rig 29	Mechanical	1,500	2,600	18,000	Louisiana	Anadarko	March 2007
Rig 30 (b)	AC electric	2,000	2,600	20,000	Louisiana	Centurion	January 2007
Rig 31 (b)	SCR diesel electric	3,000	4,400	35,000	Louisiana	Noble Energy	April 2007
Rig 33 (b)	SCR diesel electric	1,500	3,200	18,000	Texas	Devon	May 2009
Rig 34 (b)	SCR diesel electric	2,000	4,400	25,000	Texas	Anadarko	January 2007
Rig 35	SCR diesel electric	1,500	4,400	18,000	Louisiana	Anadarko	January 2007
Rig 41 (b)	SCR diesel electric	2,000	3,200	25,000	Texas	Newfield	March 2007
Rig 51 (b)	SCR diesel electric	2,000	4,400	25,000	Louisiana	McMoRan	July 2006
Rig 52 (b)	SCR diesel electric	2,000	4,400	25,000	Texas	Newfield	October 2006
Rig 53 (b)	SCR diesel electric	2,000	4,400	25,000	Oklahoma	Marathon	April 2006
Rig 54 (b)	SCR diesel electric	2,000	4,400	25,000	Texas	Newfield	April 2007
Rig 59 (b)	AC electric	2,000	3,200	25,000	Louisiana	Dominion	2ndQ 2008
Rig 60 (b)	AC electric	2,000	3,200	25,000	Texas	Anadarko	2ndQ 2009
Rig 61 (b)	AC electric	2,000	3,200	25,000	TBD	Anadarko	2ndQ 2008
Rig 62 (b)	AC electric	2,000	3,200	25,000	TBD	Anadarko	2ndQ 2009
Rig 63 (b)	AC electric	2,000	3,200	25,000	TBD	Anadarko	2ndQ 2008
Rig 64 (b)	AC electric	2,000	3,200	25,000	TBD	Cabot	3rdQ 2008
Rig 65 (b)	AC electric	2,000	3,200	25,000	TBD	Pioneer	3rdQ 2009
Rig 66 (b)	AC electric	2,000	3,200	25,000	TBD	PetroQuest	3rdQ 2009
Rig 67 (b)	AC electric	2,000	3,200	25,000	TBD	Burlington	3rdQ 2009
Rig 68 (b)	AC electric	2,000	3,200	25,000	TBD	Pioneer	3rdQ 2009
Rig 69 (b)	AC electric	2,000	3,200	25,000	TBD	Anadarko	3rdQ 2009
Rig 70 (b)	AC electric	2,000	3,200	25,000	TBD	TBD	TBD

(a) Most of the rigs were constructed at various dates between 1960 and 1982, utilizing new as well as used equipment, and have since been substantially

rebuilt. Construction of Rigs 51, 52 and 53 was completed during 2001 and Rig 54 in 2002.  Contractor intends to construct rigs 61 - 70 in 2006.

(b) Unit equipped with a top-drive drilling system

(c) Indicates estimated completion date of work to be performed

Note - Current contracted day rates range from $18,000 to $27,500.

Disclaimer:

ROWAN HEREBY ADVISES THAT THE TABLE SET FORTH ABOVE MAY CONTAIN INACCURATE, INCOMPLETE AND/OR INCORRECT

INFORMATION AND IS SUBJECT TO CHANGE AT ANY TIME. THE INFORMATION SHOULD NOT BE RELIED UPON FOR ANY PURPOSE,

AND ROWAN HEREBY DISCLAIMS ANY LIABILITY RELATING TO THE USE OF THE INFORMATION SET FORTH ABOVE.