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): April 17, 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 April 17, 2008, is attached as Exhibit 99.1 and 99.2.

            Additionally, on April 17, 2008, Rowan Companies, Inc. issued a press release providing an operational update.  The press release is attached as Exhibit 99.3.

Item 9.01. Financial Statements and Exhibits

(c) Exhibits

Exhibit
Number	Exhibit Description
99.1	Offshore Rig Fleet and Contract Status at April 17, 2008
99.2	Land Rig Fleet and Contract Status at April 17, 2008
99.3	Press Release of Rowan Companies, Inc. dated April 17, 2008 providing an operational update

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: April 17, 2008

INDEX TO EXHIBITS

EXHIBIT DESCRIPTION

Exhibit
Number	Exhibit Description
99.1	Offshore Rig Fleet and Contract Status at April 17, 2008
99.2	Land Rig Fleet and Contract Status at April 17, 2008
99.3	Press Release of Rowan Companies, Inc. dated April 17, 2008 providing an operational update

-2-

EX-99.1

EXHIBIT 99.1

ROWAN COMPANIES, INC.

OFFSHORE RIG FLEET AND CONTRACT STATUS

As of April 17, 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 currently under 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	Day rate includes estimated amortization of related mobilization/modification revenues starting in May 2008; no revenues will be recorded during January to May 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	BP	Low 220s	June 2009	Day rate includes estimated amortization of related modification revenues starting in late March 2008; no revenues were recorded during January to March 2008 modification period (+/- 50 days).
Rowan Gorilla VII	219-C	400	35,000	2002	West Africa	Cabinda	Mid 230s	April 2008	Rig will earn reduced day rate during January to April 2008 mobilization/modification period (+/- 100days) and should commence drilling operations at the higher day rate in late April.
						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	Rig experienced approximately nine days of March downtime.
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 substitute Gorilla II. Day rate includes estimated amortization of related mobilization/modification revenues.
Rowan Gorilla II	200-C	450	30,000	1984	Gulf of Mexico	Available		April 2008	Rig entered shipyard for inspections and modifications on April 15, 2008 and should resume drilling operations in late April.
						Walter	Mid 160s	June 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	May 2008
Gilbert Rowe	116-C	350	30,000	1981	Middle East	Maersk	Low 190s	January 2009	Rig experienced approximately four days of March downtime.
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 100s	June 2008
Rowan-Louisiana	84	350	30,000	1975	Gulf of Mexico	Helix ERT	Mid 90s	June 2008
Rowan-Anchorage	52	250	20,000	1972	Gulf of Mexico	Walter O&G	Low 60s	May 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 April 17, 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	Texas	Samson	June 2008	Rig was idle from late December 2007 to early April 2008.
Rig 12	SCR diesel electric	1,500	2,600	18,000	Oklahoma	Sheridan	June 2008	Rig was idle from late January to late March 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	June 2008
Rig 18	SCR diesel electric	2,000	4,400	25,000	Texas	Anadarko	November 2009	Rig experienced approximately four days of March downtime.
Rig 26	SCR diesel electric	2,000	4,800	25,000	Texas	Sandridge	May 2008
						Cornerstone	September 2008
Rig 29	Mechanical	1,500	2,600	18,000	Oklahoma	Petro-Quest	September 2008	Rig was idle from late January to early March 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	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 from mid December 2007 to mid March 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	May 2008
						Newfield	October 2008
Rig 52	SCR diesel electric	2,000	4,400	25,000	Texas	Newfield	November 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	ConocoPhillips	October 2008
Rig 60	AC electric	2,000	3,200	25,000	Texas	Newfield	April 2009
Rig 61	AC electric	2,000	3,200	25,000	Texas	Chesapeake	March 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	March 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 experienced approximately three days of March downtime.
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	July 2008
Rig 77	AC electric	2,000	3,200	25,000	Texas	EnCana	December 2009
Rig 84	AC electric	2,000	3,200	25,000	Texas			Rig currently under construction with completion expected in May 2008.
Rig 85	AC electric	2,000	3,200	25,000	Texas			Rig currently under construction with completion expected in July 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 $17,500 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 filiings with the U. S. Securities and Exchange Commission.

EX-99.3

EXHIBIT 99.3

News Release

Rowan Companies, Inc.

2800 Post Oak Boulevard, Suite 5450

Houston, Texas 77056 (713) 621-7800

FOR IMMEDIATE RELEASE                  < font id="TAB2" style="LETTER-SPACING: 9pt">         April 17, 2008

ROWAN PROVIDES OPERATIONAL UPDATE

HOUSTON, TEXAS – Rowan Companies, Inc. (RDC-NYSE) has updated its offshore and land rig fleet contract status reports as of April 17, 2008.  These reports are accessible from the Company’s website at www.rowancompanies.com and have been filed with the Securities and Exchange Commission via Form 8-K.

Danny McNease, Rowan Chairman and Chief Executive Officer, commented, “For the past several years, Rowan has been diversifying its drilling operations through a continued international expansion.  Although our revenues are often reduced during the periods of preparation for those assignments, we believe our stockholders benefit in the long-term from the additional revenue backlog and the increased operational diversification.

“Just this week, we completed the major relocation of two key assets: the Tarzan Class jack-up Bob Keller is in Dubai preparing for its three-year assignment offshore Saudi Arabia and the Super Gorilla class jack-up Gorilla VII is offshore Angola preparing for its two-year assignment for Cabinda Gulf.  As previously reported, these two commitments will generate approximately $465 million of drilling revenues over the primary contract terms, and we believe there will be much more work in these areas in the years ahead for high specification equipment like ours.

“In the Gulf of Mexico, the Bob Palmer spent approximately seven weeks during the first quarter of 2008 preparing for its ultra deep shelf assignment on British Petroleum’s Eldorado Prospect, and we see increasing interest in ultra deep shelf drilling.  We are very pleased with the long-term returns offered by each of these contracts; however, during the first quarter of 2008, as these three rigs were under tow or in the shipyard, we earned a reduced amount of revenue.  In all, our offshore fleet was approximately 91% utilized during the first quarter of 2008, down from the prior quarter due to rig relocations and modifications.

“In addition to lower drilling revenues, we will report sequentially lower first quarter 2008 manufacturing operating results, some of which is attributable to shipment delays.  We now expect that our external manufacturing results for the first quarter of 2008 will resemble the average of the first three quarters of 2007.  Our quote book remains full, however, and our backlog of external orders is increasing.  We still believe that we will meet our 2008 manufacturing operating goals, with external revenues exceeding $900 million and gross margins of over $200 million.

“As a result of what we believe are short-term timing issues, we expect that our first quarter 2008 operating results, which will be released on May 1, 2008, will fall short of current consensus estimates.”

Rowan Companies, Inc. is a major provider of international and domestic contract drilling services.  The Company also owns and operates a manufacturing division that produces equipment for the drilling, mining and timber industries.  The Company’s stock is traded on the New York 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.