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): August 21, 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 August 21, 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 August 21, 2009
99.2	Land Rig Fleet and Contract Status at August 21, 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: August 21, 2009

INDEX TO EXHIBITS

EXHIBIT DESCRIPTION

Exhibit
Number	Exhibit Description
99.1	Offshore Rig Fleet and Contract Status at August 21, 2009
99.2	Land Rig Fleet and Contract Status at August 21, 2009

-2-

EX-99.1

EXHIBIT 99.1

ROWAN COMPANIES, INC.
OFFSHORE RIG FLEET AND CONTRACT STATUS
As of August 21, 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 during Q3 2009.
Rowan EXL #3	S116-E	350	35,000	2010	TBD	TBD	TBD	TBD	Rig currently under construction with delivery expected in Q4 2010.
Joe Douglas	240-C	400	35,000	2011	TBD	TBD	TBD	TBD	Resumed rig construction with delivery expected in Q3 2011.
Rowan EXL #2	S116-E	350	35,000	2010	TBD	TBD	TBD	TBD	Rig currently under construction with delivery expected in Q3 2010.
Rowan EXL #1	S116-E	350	35,000	2010	TBD	TBD	TBD	TBD	Rig currently under construction with delivery expected in Q2 2010.
Ralph Coffman	240-C	400	35,000	2010	Gulf of Mexico	McMoRan	Low 180s	January 2012	Signed two-year contract in June 2009 (see Rowan Mississippi); rig is currently under construction with delivery expected early in Q1 2010.
J.P. Bussell	225-C	300	35,000	2008	Gulf of Mexico	Shipyard			Rig arrived to the shipyard in mid August for modifications/upgrades in connection with the Shell Egypt contract and is expected to remain in the shipyard until early September.
					Egypt	Shell	Low 180s	May 2011	Rig is contracted for two wells (approximately 20-24 months) expected to commence during Q4 2009.
Rowan-Mississippi	240-C	375	35,000	2008	Gulf of Mexico	McMoRan	Low 180s	November 2010	In connection with the Ralph Coffman contract, entered into amendment in June 2009 to reduce Mississippi day rate for the remainder of the contract term.  The Coffman contract contains an early termination option exercisable on or before December 31, 2009.  Should McMoRan terminate the Coffman contract, the Company will earn an $18 million fee, payable in installments over the remainder of the Mississippi contract term.
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	Helix-ERT	Low 60s	September 2009
Rowan Gorilla VII	219-C	400	35,000	2002	West Africa	Cabinda	Low 330s	April 2010
Rowan Gorilla VI	219-C	400	35,000	2000	North Sea	BG	Low 150s	September 2009	Rig arrived to the shipyard in mid July for upgrades in connection with Norwegian certification requirements and is expected to remain in the shipyard until late September.
						BG	Low 360s	November 2009
							Low 370s	June 2010
Rowan Gorilla V	219-C	400	35,000	1998	North Sea	Total	Low 260s	November 2009
Rowan Gorilla IV	200-C	450	35,000	1986	Mexico	PEMEX	Mid 150s	July 2011	Rig was in the shipyard during the month of July 2009 for modifications in connection with the PEMEX contract before commencing operations in mid August.  The day rate reprices every three months based on an index of jack-up rates.  The Company is subject to a late delivery penalty of 10 percent of the day  rate per day.   The 7/30/2009 reprice adjustment is currently under negotiation and review with PEMEX. The next date on which the contract is expected to reprice is 10/30/2009.
Rowan Gorilla III	200-C	450	30,000	1984	Eastern Canada	ExxonMobil	Mid 360s	August 2009
						EnCana	Mid 300s	March 2010
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 was in the shipyard during the month of July 2009 for modifications/upgrades and is expected to remain in the shipyard until late September 2009.
Cecil Provine	116-C	300	30,000	1982	Gulf of Mexico	Available			Rig was idle during the month of July 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	Available			Prior customer is contractually obligated to pay a reduced rate through early December 2009.  Rig is currently in the shipyard undergoing maintenance/modifications until late September 2009.
Charles Rowan	116-C	350	30,000	1981	Middle East	Available			Rig was in the shipyard during the month of July 2009 for maintenance/modifications and is expected to remain in the shipyard until mid October 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 was idle during the month of July 2009.
Conventional Jack-up Rigs:
Rowan-Juneau	116	250	30,000	1977	Gulf of Mexico	Available			Rig was idle during the month of July 2009.
Rowan-Alaska	84	350	30,000	1975	Gulf of Mexico	Available			Rig was idle during the month of July 2009.
Rowan-Louisiana	84	350	30,000	1975	Gulf of Mexico	Available			Rig was idle during the month of July 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 filings with the U. S. Securities and Exchange Commission.

Revisions to Fleet Status Report Noted in Bold

EX-99.2

EXHIBIT 99.2

ROWAN COMPANIES, INC.
LAND RIG FLEET AND CONTRACT STATUS
As of August 21, 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 12	SCR diesel electric	1,500	2,600	18,000	Texas	Available
Rig 14	AC electric	3,000	3,200	35,000	Texas	Available
Rig 15	AC electric	3,000	3,200	35,000	Texas	Available
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 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	Available
Rig 34	SCR diesel electric	2,000	4,400	25,000	Texas	Available
Rig 35	SCR diesel electric	1,500	4,400	18,000	Texas	Common Resources	September 2009
						Cabot	July 2010
Rig 51	SCR diesel electric	2,000	4,400	25,000	Texas	Newfield	June 2010
Rig 52	SCR diesel electric	2,000	4,400	25,000	Texas	Available		Prior customer will pay a reduced rate through October 2009.
Rig 53	SCR diesel electric	2,000	4,400	25,000	Texas	Krescent	October 2009
Rig 54	SCR diesel electric	2,000	4,400	25,000	Texas	Available		Prior customer will pay early termination fee equal to reduced rate through October 2009.
Rig 59	AC electric	2,000	3,200	25,000	Louisiana	EnCana	August 2012
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	June 2015
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	EnCana	November 2014
Rig 64	AC electric	2,000	3,200	25,000	Texas	Available
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	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 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	December 2012
Rig 84	AC electric	2,000	3,200	25,000	Texas	EnCana	May 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	Texas	Common Resources	May 2012

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 Rigs 86 and 87 in 2009.  All but Rig 29 are equipped with a top-drive drilling system.  Day rates range from $9,000 (standby rate) to $27,000. Estimated contract durations reflect either stated drilling periods expected time required for the contracted well or wells.  Estimated number of idle days during July 2009 was 440 (56% utilization).

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.