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): February 21, 2008

 

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	77056-6189
(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 February 21, 2008, 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 February 21, 2008
99.2	Land Rig Fleet and Contract Status at February 21, 2008

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 Chief Financial Officer (Principal Financial Officer)

Dated: February 21, 2008

INDEX TO EXHIBITS

EXHIBIT DESCRIPTION

Exhibit
Number	Exhibit Description
99.1	Offshore Rig Fleet and Contract Status at February 21, 2008
99.2	Land Rig Fleet and Contract Status at February 21, 2008

-2-

EX-99.1

EXHIBIT 99.1

ROWAN COMPANIES, INC.
OFFSHORE RIG FLEET AND CONTRACT STATUS
As of February 21, 2008
OFFSHORE RIGS						Contract Status
	LeTourneau	Depth (feet)		Year in			Day Rate	Estimated
Name	Class	Water	Drilling	Service	Location	Customer	(in thousands)	Duration	Comments ($ in thousands)
Cantilever Jack-up Rigs:
Super 116E #4	S116-E	350	35,000	2011	TBD	TBD	TBD	TBD	Rig planned for construction with delivery expected in 2011.
Super 116E #3	S116-E	350	35,000	2011	TBD	TBD	TBD	TBD	Rig planned for construction with delivery expected in 2011.
240C #4	240-C	400	35,000	2011	TBD	TBD	TBD	TBD	Rig planned for construction with delivery expected in 2011.
Super 116E #2	S116-E	350	35,000	2010	TBD	TBD	TBD	TBD	Rig planned for construction with delivery expected in 2010.
Super 116E #1	S116-E	350	35,000	2010	TBD	TBD	TBD	TBD	Rig planned for construction with delivery expected in 2010.
240C #3	240-C	400	35,000	2010	TBD	TBD	TBD	TBD	Rig planned for construction with delivery expected in 2010.
240C #2	240-C	400	35,000	2009	TBD	TBD	TBD	TBD	Rig planned for construction with delivery expected in 2009.
Rowan Mississippi	240-C	400	35,000	2008	TBD	TBD	TBD	TBD	Rig currently under construction with delivery expected during 3Q 2008.
J.P. Bussell	225-C	300	35,000	2008	TBD	TBD	TBD	TBD	Rig currently under construction with delivery expected during 4Q 2008.
Hank Boswell	225-C	300	35,000	2006	Middle East	Saudi Aramco	Low 190s	March 2011
Bob Keller	225-C	300	35,000	2005	Middle East	Saudi Aramco	Low 180s	May 2011	Rig commenced tow to Middle East on February 17.  Day rate includes estimated amortization of related mobilization/modification revenues starting in May 2008; no revenues will be recorded during January to April 2008 mobilization/modification period (+/- 120 days).
Scooter Yeargain	225-C	300	35,000	2004	Middle East	Saudi Aramco	Low 190s	March 2011
Bob Palmer	224-C	550	35,000	2003	Gulf of Mexico	Shipyard		March 2008	Rig entered the shipyard on January 30 for modifications and should resume drilling operations by early March.
						BP	Low 220s	June 2009
Rowan Gorilla VII	219-C	400	35,000	2002	North Sea	Shipyard		March 2008	Rig entered shipyard for related modifications on December 19, 2007 and is expected commence tow to Angola by late March 2008 and resume drilling operations in April.  Rig will earn reduced day rate during January - April 2008 mobilization/modification period (+/- 120 days).
					West Africa	Cabinda	Mid 230s	April 2008
						Cabinda	Low 330s	April 2010
Rowan Gorilla VI	219-C	400	35,000	2000	North Sea	BG	Low 310s	April 2009
						BG	Mid 300s	October 2009
						CNR	Mid 300s	March 2010
Rowan Gorilla V	219-C	400	35,000	1998	North Sea	Total	Mid 170s	March 2009
						Total	Low 260s	August 2010
Rowan Gorilla IV	200-C	450	35,000	1986	Gulf of Mexico	McMoRan	Mid 190s	June 2008
Rowan Gorilla III	200-C	450	30,000	1984	Trinidad	Petro-Canada	Low 250s	May 2008
					Eastern Canada	EnCana	High 290s	December 2009	Contract is expected to start in mid to late 2009, and Rowan has the right to utilize Gorilla II. Day rate includes estimated amortization of related mobilization/modification revenues.
Rowan Gorilla II	200-C	450	30,000	1984	Gulf of Mexico	Devon	Mid 170s	April 2008
Rowan-California	116-C	300	30,000	1983	Middle East	Saudi Aramco	Mid 110s	April 2009
Cecil Provine	116-C	300	30,000	1982	Gulf of Mexico	Apache	Mid 80s	April 2008
Gilbert Rowe	116-C	350	30,000	1981	Middle East	Maersk	Low 190s	January 2009
Arch Rowan	116-C	350	30,000	1981	Middle East	Saudi Aramco	Mid 110s	April 2009
Charles Rowan	116-C	350	30,000	1981	Middle East	Saudi Aramco	Mid 110s	April 2009
Rowan-Paris	116-C	350	30,000	1980	Middle East	Maersk	Low 190s	January 2009
Rowan-Middletown	116-C	350	30,000	1980	Middle East	Saudi Aramco	Mid 110s	April 2009
Conventional Jack-up Rigs:
Rowan-Juneau	116	300	30,000	1977	Gulf of Mexico	Helix ERT	Mid 60s	April 2008
						Apache	Mid 70s	September 2008
Rowan-Alaska	84	350	30,000	1975	Gulf of Mexico	Stone Energy	Mid 90s	April 2008
Rowan-Louisiana	84	350	30,000	1975	Gulf of Mexico	Helix ERT	Mid 90s	April 2008
Rowan-Anchorage	52	250	20,000	1972	Gulf of Mexico	ADTI	Low 60s	February 2008

Rig Class denotes LeTourneau, Inc. hull number. 200-C is a Gorilla class unit designed for extreme hostile environment capability. 219-C is a Super Gorilla class unit, an enhanced version of the Gorilla class, and 224-C is a Super Gorilla XL design. 225-C is a Tarzan Class unit.  240-C is LeTourneau's latest jack-up design.  Unless otherwise indicated, all day rates include estimated amortization of contract mobilization/modification revenues.  Estimated contract durations reflect either stated drilling periods or expected time required for the contracted well or wells.

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.

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. Relevant factors have been disclosed in the Company's filiings with the U. S. Securities and Exchange Commission.

EX-99.2

EXHIBIT 99.2

ROWAN COMPANIES, INC.
LAND RIG FLEET AND CONTRACT STATUS
As of February 21, 2008
ONSHORE RIGS				Maximum		Contract Status
		Horsepower		Drilling			Estimated
Name	Type	Drawworks	Mud Pumps	Depth (feet)	Location	Customer	Duration	Comments
Rig 9	Diesel electric	2,000	3,200	20,000	Louisiana	Available		Rig became idle on December 18, 2007 for top drive modifications and is awaiting assignment.
Rig 12	SCR diesel electric	1,500	2,600	18,000	Oklahoma	Available		Rig became idle on January 31, 2008.
Rig 14	AC electric	3,000	3,200	35,000	Texas	Newfield	March 2008
Rig 15	AC electric	3,000	3,200	35,000	Texas	Winn	April 2008
Rig 18	SCR diesel electric	2,000	4,400	25,000	Texas	Anadarko	November 2009
Rig 26	SCR diesel electric	2,000	4,800	25,000	Texas	Sandridge	March 2008
Rig 29	Mechanical	1,500	2,600	18,000	Oklahoma	Available		Rig became idle on January 21, 2008.
Rig 30	AC electric	2,000	2,600	20,000	Texas	BBX	May 2008
Rig 31	SCR diesel electric	3,000	4,400	35,000	Texas	Subsurface Tech	March 2008
					Louisiana	Energy XXI	June 2008
Rig 33	SCR diesel electric	1,500	3,200	18,000	Texas	Devon	June 2009
Rig 34	SCR diesel electric	2,000	4,400	25,000	Texas	Marathon	April 2008
Rig 35	SCR diesel electric	1,500	4,400	18,000	Texas	EnCana	February 2011	Rig was idle during January 2008.
Rig 41	SCR diesel electric	2,000	3,200	25,000	Texas	Petro-Hunt	March 2008
Rig 51	SCR diesel electric	2,000	4,400	25,000	Texas	Noble	April 2008	Rig experienced approximately 16 days of January downtime.
						Newfield	September 2008
Rig 52	SCR diesel electric	2,000	4,400	25,000	Texas	Newfield	April 2008
Rig 53	SCR diesel electric	2,000	4,400	25,000	Oklahoma	Marathon	May 2008
Rig 54	SCR diesel electric	2,000	4,400	25,000	Texas	Newfield	July 2008
Rig 59	AC electric	2,000	3,200	25,000	Texas	Linn	June 2008
Rig 60	AC electric	2,000	3,200	25,000	Texas	Anadarko	March 2008
Rig 61	AC electric	2,000	3,200	25,000	Texas	Cheasapeake	April 2009
Rig 62	AC electric	2,000	3,200	25,000	Texas	Newfield	February 2009
Rig 63	AC electric	2,000	3,200	25,000	Texas	Anadarko	April 2009
Rig 64	AC electric	2,000	3,200	25,000	Texas	ExxonMobil	November 2008
Rig 65	AC electric	2,000	3,200	25,000	Texas	Pioneer	November 2009
Rig 66	AC electric	2,000	3,200	25,000	Texas	PetroQuest	December 2009
Rig 67	AC electric	2,000	3,200	25,000	Texas	ConocoPhillips	January 2010
Rig 68	AC electric	2,000	3,200	25,000	Alaska	Pioneer	March 2010
Rig 76	AC electric	2,000	3,200	25,000	Louisiana	Petro-Hunt	March 2008
Rig 77	AC electric	2,000	3,200	25,000	Texas	EnCana	December 2009	Rig commenced drilling operations on December 5, 2007.
Rig 84	AC electric	2,000	3,200	25,000	Texas			Rig currently under construction with completion expected by April 1, 2008.
Rig 85	AC electric	2,000	3,200	25,000	Texas			Rig currently under construction with completion expected by July 1, 2008.

Rigs 9 through 41 were constructed at various dates between 1960 and 1982, utilizing new as well as used equipment, and have since been substantially rebuilt.  Rigs 51, 52, 53 and 54 were constructed during 2001-02. Rigs 59 through 66 were completed during 2006, and Rigs 67 through 77 were completed in 2007.  All but Rig 35 is equipped with a top-drive drilling system. Day rates range from $19,000 to $27,500. Estimated contract durations reflect either stated drilling periods or expected time required for the contracted well or wells.

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.

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. Relevant

factors have been disclosed in the Company's filings with the U. S. Securities and Exchange Commission.