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 18, 2009

 

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 May 18, 2009, 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 18, 2009
99.2	Land Rig Fleet and Contract Status at May 18, 2009

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: May 18, 2009

INDEX TO EXHIBITS

EXHIBIT DESCRIPTION

Exhibit
Number	Exhibit Description
99.1	Offshore Rig Fleet and Contract Status at May 18, 2009
99.2	Land Rig Fleet and Contract Status at May 18, 2009

-2-

EX-99.1

EXHIBIT 99.1

ROWAN COMPANIES, INC.
OFFSHORE RIG FLEET AND CONTRACT STATUS
As of May 18, 2009
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:
Rowan EXL #4	S116-E	350	35,000	TBD	TBD	TBD	TBD	TBD	Rig construction currently suspended; determination to resume construction expected by mid year 2009.
Rowan EXL #3	S116-E	350	35,000	2010	TBD	TBD	TBD	TBD	Rig currently under construction with delivery expected in 2010.
Joe Douglas	240-C	400	35,000	TBD	TBD	TBD	TBD	TBD	Rig construction currently suspended; determination to resume construction expected by mid year 2009.
Rowan EXL #2	S116-E	350	35,000	2010	TBD	TBD	TBD	TBD	Rig currently under construction with delivery expected in 2010.
Rowan EXL #1	S116-E	350	35,000	2010	TBD	TBD	TBD	TBD	Rig currently under construction with delivery expected in 2010.
Ralph Coffman	240-C	400	35,000	2009	TBD	TBD	TBD	TBD	Rig currently under construction with delivery expected during Q4 2009.
J.P. Bussell	225-C	300	35,000	2008	Gulf of Mexico	Helis	Low 50s	July 2009
					Egypt	Shell	Low 180s	May 2011	Rig is contracted for two wells (approximately 20-24 months) expected to commence during Q4 2009; day rate includes amortization of related mobilization/modification revenues.
Rowan-Mississippi	240-C	375	35,000	2008	Gulf of Mexico	McMoRan	Low 220s	November 2010
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
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
Rowan Gorilla VII	219-C	400	35,000	2002	West Africa	Cabinda	Low 330s	April 2010	Day rate includes estimated amortization of related mobilization/modification revenues.
Rowan Gorilla VI	219-C	400	35,000	2000	North Sea	CNR	Mid 300s	June 2009
						BG	Low 150s	August 2009	Rig is expected to enter shipyard at the beginning of July 2009 for upgrades in connection with Norwegian certification requirements.
						BG	Mid 320s	June 2010
Rowan Gorilla V	219-C	400	35,000	1998	North Sea	Total	Low 260s	January 2010
Rowan Gorilla IV	200-C	450	35,000	1986	Gulf of Mexico	Shipyard			Rig is currently in the shipyard undergoing modifications and is expected to arrive in Mexico in late June 2009.
					Mexico	PEMEX	Mid 150s	July 2011	Day rate includes estimated amortization of related mobilization/modification revenues.
Rowan Gorilla III	200-C	450	30,000	1984	Eastern Canada	ExxonMobil	Mid 300s	August 2009	Binding letter of intent for one well (approximately 90 days); rig has arrived in Canada and will begin operations late May 2009; day rate includes estimated amortization of related mobilization/modification revenues.  Rig was idle during the month of April 2009.
						EnCana	Mid 300s	March 2010	Day rate includes estimated amortization of related mobilization/modification revenues.
Rowan Gorilla II	200-C	450	30,000	1984	Gulf of Mexico	Devon	Low 190s	January 2011
Rowan-California	116-C	300	30,000	1983	Middle East	Available			Rig came off contract at the beginning of May and is expect to be in the shipyard for modifications/upgrades until the end of July 2009.
Cecil Provine	116-C	300	30,000	1982	Gulf of Mexico	ERT	Low 60s	July 2009	Rig was idle for 22 days during April 2009.
Gilbert Rowe	116-C	350	30,000	1981	Middle East	Maersk	Low 100s	March 2010
Arch Rowan	116-C	350	30,000	1981	Middle East	Saudi Aramco	Mid 110s	December 2009
Charles Rowan	116-C	350	30,000	1981	Middle East	Saudi Aramco	Mid 110s	June 2009
Rowan-Paris	116-C	350	30,000	1980	Middle East	Maersk	Low 170s	January 2010
Rowan-Middletown	116-C	350	30,000	1980	Middle East	Available			Rig came off contract in mid May.
Conventional Jack-up Rigs:
Rowan-Juneau	116	250	30,000	1977	Gulf of Mexico	Available
Rowan-Alaska	84	350	30,000	1975	Gulf of Mexico	Apache	Low 70s	May 2009	Rig was idle for 18 days during April 2009.
Rowan-Louisiana	84	350	30,000	1975	Gulf of Mexico	Newfield	High 90s	June 2009	Rig was idle during the month of April 2009.

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.  Rowan EXL is an enhanced version of the Super 116E class.  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 May 18, 2009
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	Available		Rig is currently cold stacked.
Rig 12	SCR diesel electric	1,500	2,600	18,000	Louisiana	Midstates	June 2009
Rig 14	AC electric	3,000	3,200	35,000	Texas	Available		Prior customer will pay a reduced rate through mid November 2009.
Rig 15	AC electric	3,000	3,200	35,000	Texas	Forest Oil	July 2009
Rig 18	SCR diesel electric	2,000	4,400	25,000	Texas	Available
Rig 26	SCR diesel electric	2,000	4,800	25,000	Texas	Available
Rig 29	Mechanical	1,500	2,600	18,000	Texas	Available		Rig is currently cold stacked.
Rig 30	AC electric	2,000	2,600	20,000	Texas	BBX	October 2009
Rig 31	SCR diesel electric	3,000	4,400	35,000	Texas	Available
Rig 33	SCR diesel electric	1,500	3,200	18,000	Texas	Devon	June 2009	Rig is currently stacked at a reduced rate.
Rig 34	SCR diesel electric	2,000	4,400	25,000	Texas	Available		Rig is currently cold stacked.
Rig 35	SCR diesel electric	1,500	4,400	18,000	Texas	EnCana	May 2009
						Cabot	June 2010
Rig 51	SCR diesel electric	2,000	4,400	25,000	Texas	Newfield	March 2010
Rig 52	SCR diesel electric	2,000	4,400	25,000	Texas	Newfield	November 2009
Rig 53	SCR diesel electric	2,000	4,400	25,000	Texas	Available
Rig 54	SCR diesel electric	2,000	4,400	25,000	Texas	Newfield	October 2009
Rig 59	AC electric	2,000	3,200	25,000	Texas	Available
Rig 60	AC electric	2,000	3,200	25,000	Texas	Devon	April 2011	Rig is currently stacked at a reduced rate.
Rig 61	AC electric	2,000	3,200	25,000	Texas	EnCana	August 2009
Rig 62	AC electric	2,000	3,200	25,000	Texas	Devon	March 2011	Rig is currently stacked at a reduced rate.
Rig 63	AC electric	2,000	3,200	25,000	Texas	Available
Rig 64	AC electric	2,000	3,200	25,000	Texas	Available		Rig is currently cold stacked.
Rig 65	AC electric	2,000	3,200	25,000	Texas	Pioneer	November 2009	Rig is currently stacked at a reduced rate.
Rig 66	AC electric	2,000	3,200	25,000	Oklahoma	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 is currently stacked at a reduced rate.
Rig 76	AC electric	2,000	3,200	25,000	Texas	EnCana	April 2011
Rig 77	AC electric	2,000	3,200	25,000	Texas	EnCana	March 2010
Rig 84	AC electric	2,000	3,200	25,000	Texas	EnCana	June 2011
Rig 85	AC electric	2,000	3,200	25,000	Texas	Common Resources	October 2010
Rig 86	AC electric	2,000	3,200	25,000	Texas	EnCana	February 2012
Rig 87	AC electric	2,000	3,200	25,000	TBD	Common Resources	June 2012	Rig is expected to begin operations at the beginning of June 2009.
TBD	AC electric	2,000	3,200	25,000	TBD	EnCana	3 Years	Currently in negotiations with EnCana to substitute existing land rigs for this contract.
TBD	AC electric	2,000	3,200	25,000	TBD	EnCana	3 Years	Currently in negotiations with EnCana to substitute existing land rigs for this contract.
TBD	AC electric	2,000	3,200	25,000	TBD	EnCana	3 Years	Currently in negotiations with EnCana to substitute existing land rigs for this contract.
TBD	AC electric	2,000	3,200	25,000	TBD	EnCana	3 Years	Currently in negotiations with EnCana to substitute existing land rigs for this contract.

Rigs 9 through 35 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, Rigs 67 through 77 during 2007, Rigs 84 and 85 in 2008 and Rig 86 in 2009.  All but Rig 29 are equipped with a top-drive drilling system.  Day rates range from $16,000 to $26,000. Estimated contract durations reflect either stated drilling periods expected time required for the contracted well or wells.  Estimated number of idle days during April 2009 was 306.

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.