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 16, 2010

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
(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 16, 2010, 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 16, 2010
99.2	Land Rig Fleet and Contract Status at February 16, 2010

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/ William H. Wells

William H. Wells

Vice President - Finance and CFO

(Principal Financial Officer)

Dated: February 16, 2010

EXHIBIT INDEX

EXHIBIT DESCRIPTION

Exhibit
Number	Exhibit Description
99.1	Offshore Rig Fleet and Contract Status at February 16, 2010
99.2	Land Rig Fleet and Contract Status at February 16, 2010

EX-99.1

  ROWAN COMPANIES, INC. OFFSHORE RIG FLEET AND CONTRACT STATUS As of February 16, 2010 EXHIBIT 99.1

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	2012	TBD	TBD		TBD	TBD	Rig currently under construction with delivery expected in Q1 2012.
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	Rig currently under 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 is currently under construction with delivery expected in Q2 2010.
					Gulf of Mexico	McMoRan		Low 160s	June 2011	Letter Agreement for one well estimated to commence in August 2010 with a right to substitute EXL #2 commencing in September 2010.
Ralph Coffman	240-C	400	35,000	2009	Gulf of Mexico	McMoRan		Low 110s	March 2010	Rig commenced drilling for one well at low $110s day rate in mid January 2010.
								Low 180s	October 2010	Amended the contract to reduce the minimum term from two years to one well (estimated to require six months), with a prorated termination fee (plus interest) if two rig years (at low $180s day rate) are not fulfilled (see Rowan-Mississippi).
J.P. Bussell	225-C	300	35,000	2008	Egypt	Shell		Low 180s	May 2011
Rowan-Mississippi	240-C	375	35,000	2008	Gulf of Mexico	McMoRan		Low 180s	November 2010	In connection with the Ralph Coffman contract, the Company in June 2009 reduced the Mississippi day rate for the remainder of its original two-year term.  If McMoRan does not fulfill the original two-year commitment for the Coffman through work for the Coffman or Mississippi beyond the original term (at low $180s day rate), the Company will earn a pro rata portion of the $18 million termination fee (plus interest), payable in installments over the remainder of the original 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	El Paso		Low 100s	July 2010
						Apache		Low 110s	October 2010
Rowan Gorilla VII	219-C	400	35,000	2002	West Africa	Cabinda		Low 330s	May 2010
						Apache		Low 180s	January 2012	Rig is expected to mobilize to the North Sea during late Q2 2010 and commence operations during Q3 2010.
Rowan Gorilla VI	219-C	400	35,000	2000	North Sea	BG		High 390s	July 2010
							Low 300s (NOR) Low 200s (UK)		July 2011	BG extended the contract for another 12 months and has the option of operating the rig in Norway at  a day rate in the low $300s or in the UK at a day rate in the low $200s.  Day rates exclude amortization of contract mobilization/modification revenues.
Rowan Gorilla V	219-C	400	35,000	1998	North Sea	Total		Low 180s	May 2010
						Total		Low 150s	May 2011
Rowan Gorilla IV	200-C	450	35,000	1986	Mexico	PEMEX		High 120s	July 2011	The day rate reprices every three months based on an index of jack-up rates.  The day rate reflects rig's repricing in late January 2010.
Rowan Gorilla III	200-C	450	30,000	1984	Eastern Canada	EnCana		Mid 280s	September 2010
Rowan Gorilla II	200-C	450	30,000	1984	Gulf of Mexico	undisclosed		Low 190s	August 2010	In connection with the listed Rowan-Louisiana and Rowan-Alaska contracts, the Company agreed to reduce the term of the Gorilla II contract day-for-day (see Rowan-Alaska andRowan-Louisiana).
Rowan-California	116-C	300	30,000	1983	Middle East	Available				Rig was in the shipyard during the month of January 2010.
						Wintershall		Mid 70s	March 2011	Letter of Intent for two wells estimated to commence in May 2010.
Cecil Provine	116-C	300	30,000	1982	Gulf of Mexico	Apache		Mid 50s	April 2010
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				Rig was in the shipyard during the month of January 2010 for maintenance/modifications and is expected to remain in the shipyard until March 2010.
Charles Rowan	116-C	350	30,000	1981	Middle East	Available				Rig was in the shipyard during the month of January 2010 for maintenance/modifications and is expected to remain in the shipyard until March 2010.
Rowan-Paris	116-C	350	30,000	1980	Middle East	Maersk		Low 170s	March 2010
Rowan-Middletown	116-C	350	30,000	1980	Middle East	Available				Rig was in the shipyard during the month of January 2010 for maintenance/modifications and is expected to remain in the shipyard until March 2010.
Conventional Jack-up Rigs:
Rowan-Juneau	116	250	30,000	1977	Gulf of Mexico	Available				Rig was idle during the month of January 2010.
Rowan-Alaska	84	350	30,000	1975	Gulf of Mexico	undisclosed		Low 190s	April 2010	Rig was idle for 30 days during the month of January 2010.
Rowan-Louisiana	84	350	30,000	1975	Gulf of Mexico	undisclosed		Low 190s	March 2010	Rig was idle for 11 days during the month of January 2010.
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

  ROWAN COMPANIES, INC. LAND RIG FLEET AND CONTRACT STATUS As of February 16, 2010 EXHIBIT 99.2

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	Shipyard
Rig 12	SCR diesel electric	1,500	2,600	18,000	Texas	Legend	February 2010
					Texas	EOG	July 2010
Rig 14	AC electric	3,000	3,200	35,000	Texas	Out of Service
Rig 15	AC electric	3,000	3,200	35,000	Texas	Available
Rig 18	SCR diesel electric	2,000	4,400	25,000	Texas	Out of Service
Rig 26	SCR diesel electric	2,000	4,800	25,000	Texas	Available
Rig 29	Mechanical	1,500	2,600	18,000	Texas	Shipyard
Rig 30	AC electric	2,000	2,600	20,000	Louisiana	Chesapeake	December 2010
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	EOG	May 2010
Rig 34	SCR diesel electric	2,000	4,400	25,000	Texas	Out of Service
Rig 35	SCR diesel electric	1,500	4,400	18,000	Texas	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	Oklahoma	Marathon	May 2010
Rig 53	SCR diesel electric	2,000	4,400	25,000	Louisiana	Chesapeake	December 2010
Rig 54	SCR diesel electric	2,000	4,400	25,000	Louisiana	Chesapeake	November 2010
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 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 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	Louisiana	EnCana	June 2010
Rig 66	AC electric	2,000	3,200	25,000	Texas	EnCana	May 2010
Rig 67	AC electric	2,000	3,200	25,000	Texas	EnCana	April 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	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 14, 18 and 34 are not currently being marketed.

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 $13,000 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 January 2010 was 313 (68% 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 filings with the U. S. Securities and Exchange Commission.

Revisions to Fleet Status Report Noted in Bold