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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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MIC-Info: RSA-MD5,RSA,
 QOilWCvn/ksMw8xJKsbpVzA7WXn7JnpcaKhyvYaZpSeBosUlsvSWlQHIpHWV93tW
 F7FTjNgJaJSv4ZTTTIh6Wg==

<SEC-DOCUMENT>0001140361-03-001684.txt : 20030522
<SEC-HEADER>0001140361-03-001684.hdr.sgml : 20030522
<ACCEPTANCE-DATETIME>20030522160432
ACCESSION NUMBER:		0001140361-03-001684
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20030521
FILED AS OF DATE:		20030522

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			KELLY PAUL L
		CENTRAL INDEX KEY:			0001183351

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-05491
		FILM NUMBER:		03716413

	BUSINESS ADDRESS:	
		STREET 1:		2800 POST OAK BLVD
		STREET 2:		STE 5450
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77056-6127

	MAIL ADDRESS:	
		STREET 1:		2800 POST OAK BLVD
		STREET 2:		STE 5450
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77056-6127

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ROWAN COMPANIES INC
		CENTRAL INDEX KEY:			0000085408
		STANDARD INDUSTRIAL CLASSIFICATION:	DRILLING OIL & GAS WELLS [1381]
		IRS NUMBER:				750759420
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		2800 POST OAK BLVD.
		STREET 2:		SUITE 5450
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77056-6127
		BUSINESS PHONE:		7136217800

	MAIL ADDRESS:	
		STREET 1:		2800 POST OAK BOULEVARD
		STREET 2:		SUITE 5450
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77056-6127

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ROWAN DRILLING CO INC
		DATE OF NAME CHANGE:	19711110

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ROWAN DRILLING CO
		DATE OF NAME CHANGE:	19671112
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>doc1.xml
<DESCRIPTION>FORM 4
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>
    <schemaVersion>X0101</schemaVersion>

    <documentType>4</documentType>
<periodOfReport>2003-05-21</periodOfReport>
<notSubjectToSection16>0</notSubjectToSection16>
    <issuer>
        <issuerCik>0000085408</issuerCik>
        <issuerName>ROWAN COMPANIES INC</issuerName>
        <issuerTradingSymbol>RDC</issuerTradingSymbol>
</issuer>
<reportingOwner>
<reportingOwnerId>
            <rptOwnerCik>0001183351</rptOwnerCik>
            <rptOwnerName>KELLY PAUL L</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>  </rptOwnerStreet1>
            <rptOwnerStreet2>  </rptOwnerStreet2>
            <rptOwnerCity>  </rptOwnerCity>
            <rptOwnerState>  </rptOwnerState>
            <rptOwnerZipCode>  </rptOwnerZipCode>
        </reportingOwnerAddress>
            <reportingOwnerRelationship>
<isDirector>0</isDirector>
<isOfficer>1</isOfficer>
<isTenPercentOwner>0</isTenPercentOwner>
<isOther>0</isOther>
<officerTitle>Senior Vice President</officerTitle>
<otherText></otherText>
</reportingOwnerRelationship>
</reportingOwner>
<nonDerivativeSecurity>
<securityTitle>
<value>Common Stock</value>
</securityTitle>
<transactionDate>
<value>2003-05-21</value>
</transactionDate>
<transactionCoding>
<transactionFormType>4</transactionFormType>
<transactionCode>M</transactionCode>
<equitySwapInvolved>0</equitySwapInvolved>
</transactionCoding>
<transactionTimeliness>
<value></value>
</transactionTimeliness>
<transactionAmounts>
<transactionShares>
<value>6250</value>
</transactionShares>
<transactionValue>
<value>15.25</value>
</transactionValue>
<transactionAcquiredDisposedCode>
<value>A</value>
</transactionAcquiredDisposedCode>
</transactionAmounts>
<postTransactionAmounts>
<sharesOwnedFollowingTransaction>
<value>16250</value>
</sharesOwnedFollowingTransaction>
</postTransactionAmounts>
<ownershipNature>
<directOrIndirectOwnership>
<value>D</value>
</directOrIndirectOwnership>
<natureOfOwnership>
<value></value>
</natureOfOwnership>
</ownershipNature>
</nonDerivativeSecurity>
<derivativeSecurity>
<securityTitle>
<value>Right to Buy</value>
<footnoteId id="F1"/>
</securityTitle>
<conversionOrExercisePrice>
<value>15.25</value>
</conversionOrExercisePrice>
<transactionDate>
<value>2003-05-21</value>
</transactionDate>
<transactionCoding>
<transactionFormType>4</transactionFormType>
<transactionCode>M</transactionCode>
<equitySwapInvolved>0</equitySwapInvolved>
</transactionCoding>
<transactionTimeliness>
<value></value>
</transactionTimeliness>
<transactionAmounts>
<transactionShares>
<value>6250</value>
</transactionShares>
<transactionValue>
<value>0</value>
</transactionValue>
<transactionAcquiredDisposedCode>
<value>D</value>
</transactionAcquiredDisposedCode>
</transactionAmounts>
<exerciseDate>
<value>1999-04-25</value>
</exerciseDate>
<expirationDate>
<value>2006-04-25</value>
</expirationDate>
<underlyingSecurity>
<underlyingSecurityTitle>
<value>Common Stock</value>
</underlyingSecurityTitle>
<underlyingSecurityShares>
<value>6250</value>
</underlyingSecurityShares>
</underlyingSecurity>
<postTransactionAmounts>
<sharesOwnedFollowingTransaction>
<value>6250</value>
</sharesOwnedFollowingTransaction>
</postTransactionAmounts>
<ownershipNature>
<directOrIndirectOwnership>
<value>D</value>
</directOrIndirectOwnership>
<natureOfOwnership>
<value></value>
</natureOfOwnership>
</ownershipNature>
</derivativeSecurity>
<footnotes>
<footnote id="F1">Options granted April 25, 1999 under the Rowan Companies, Inc. 1988 Restated Nonqualified Stock Option Plan, as amended (a Rule 16b-3 Plan), such options being exercisable 25% for each year from date of grant.  The amount in Column 9 reflects the unexercised portion of this particular grant.</footnote>
</footnotes>
<ownerSignature>
<signatureName>Paul L. Kelly</signatureName>
<signatureDate>2003-05-22</signatureDate>
</ownerSignature>
</ownershipDocument>

</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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