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 19, 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 August 19, 2010, is attached as Exhibit 99.1 and 99.2.

Item 8.01. Other Events

Following the Deepwater Horizon incident, the Bureau of Ocean Energy Management, Regulation and Enforcement (formerly known as the Minerals Management Service) issued two Notices to Lessees (NTLs) implementing new safety regulations and information requirements applicable to shallow water drilling operations in the U.S. Gulf of Mexico.  These NTLs impact the ability of our customers to obtain new permits on a timely basis and continue operations uninterrupted under existing permits.  We are working with our customers to meet these requirements.

To date and as set forth in the Company's Offshore Fleet Status furnished as an exhibit to this Current Report on Form 8-K, the Company currently has nine jack-up drilling rigs that are located in the U.S. Gulf of Mexico which may be impacted by the requirements of these recent NTLs from time to time.

Item 9.01. Financial Statements and Exhibits

(c) Exhibits

Exhibit
Number	Exhibit Description
10.1	Share Purchase Agreement dated July 1, 2010, among Rowan Companies, Inc., Skeie Technology AS, Skeie Tech Invest AS and Wideluck Enterprises Limited and Pre-Acceptance Letters from Skeie Holding AS and Trafalgar AS, each relating to the purchase of shares of common stock of Skeie Drilling & Production ASA ("SKDP").
99.1	Offshore Rig Fleet and Contract Status at August 19, 2010
99.2	Land Rig Fleet and Contract Status at August 19, 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
Senior Vice President – CFO and Treasurer
(Principal Financial Officer)

Dated: August 19, 2010

2

EXHIBIT INDEX

EXHIBIT DESCRIPTION

Exhibit
Number	Exhibit Description

10.1 Share Purchase Agreement dated July 1, 2010, among Rowan Companies, Inc., Skeie Technology AS, Skeie Tech Invest AS and Wideluck Enterprises Limited and Pre-Acceptance Letters from Skeie Holding AS and Trafalgar AS, each relating to the purchase of shares of common stock of Skeie Drilling & Production ASA ("SKDP").

99.1	Offshore Rig Fleet and Contract Status at August 19, 2010
99.2	Land Rig Fleet and Contract Status at August 19, 2010

3

EX-10.1

EX-99.1

  ROWAN COMPANIES, INC. OFFSHORE RIG FLEET AND CONTRACT STATUS As of August 19, 2010

OFFSHORE RIGS							Contract Status
			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 IV		S116-E	350	35,000	2012	TBD	TBD	TBD	TBD	Rig is currently under construction with delivery expected in January 2012.
Joe Douglas		240-C	375	35,000	2011	TBD	TBD	TBD	TBD	Rig is currently under construction with delivery expected in September 2011.
SKDP III	*	N-Class	400	35,000	2011	TBD	TBD	TBD	TBD	Rig is currently under construction with delivery expected in June 2011.
Rowan EXL III		S116-E	350	35,000	2011	Gulf of Mexico	TBD	TBD	TBD	Rig is currently under construction with delivery expected in February 2011. Received a commitment from McMoRan for one ultra deep gas well in the Gulf of Mexico (approximately one year) at a day rate in the low 140's.
SKDP II	*	N-Class	400	35,000	2011	TBD	TBD	TBD	TBD	Rig is currently under construction with delivery expected in January 2011.
SKDP I	*	N-Class	400	35,000	2010	TBD	TBD	TBD	TBD	Rig is currently under construction with delivery expected in October 2010.
Rowan EXL II		S116-E	350	35,000	2010	Trinidad	BP Trinidad	Mid 130s	November 2013	Rig is currently under construction with delivery expected in September 2010, and commencement of operations in October 2010.  Day rate reflects average rate over the contract period and includes amortization of contract mobilization/modification revenues.
Rowan EXL I		S116-E	350	35,000	2010	Gulf of Mexico	McMoRan	Mid 70s	August 2010
								Low 140s	July 2011
Ralph Coffman		240-C	375	35,000	2009	Gulf of Mexico	McMoRan	Low 180s	November 2010	Negotiating a multi-year contract with another operator in an international market.
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
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	Energy XXI	Low 110s	October 2010	On July 6, 2010 the Company received a notice of declaration of force majeure from the last operator of the Bob Palmer. On July 17, 2010 the force majeure period expired and the operator released the rig. Rig was idle for 13 days during the month of July 2010. Negotiating a multi-year contract with another operator in an international market.
Rowan Gorilla VII		219-C	400	35,000	2002	North Sea	Shipyard		October 2010	Rig will be in the shipyard for about 60 days commencing in late August undergoing upgrades for the Apache work.
							Apache	Low 180s	February 2012	Rig is expected to commence operations in October 2010.
Rowan Gorilla VI		219-C	400	35,000	2000	North Sea	BG	Low 200s	July 2011	BG extended the contract for another 12 months to operate the rig in the UK sector of the North Sea.
Rowan Gorilla V		219-C	400	35,000	1998	North Sea	Total	Low 160s	May 2011
								Low 180s	May 2012
								See comment	May 2013	Day rate at mutually agreed market rate between low 150s and mid 230s.
Rowan Gorilla IV		200-C	450	35,000	1986	Mexico	PEMEX	Low 110s	July 2011	The day rate reprices every three months based on an index of jack-up rates.  The day rate reflects rig's repricing at the end of July 2010.
Rowan Gorilla III		200-C	450	30,000	1984	Eastern Canada	EnCana	Mid 280s	November 2010
Rowan Gorilla II		200-C	350	30,000	1984	Gulf of Mexico	undisclosed	Low 190s	August 2010
Rowan-California		116-C	300	30,000	1983	Middle East	Wintershall	Mid 70s	June 2011
Cecil Provine		116-C	300	30,000	1982	Gulf of Mexico	Apache	Low 60s	August 2010
Gilbert Rowe		116-C	350	30,000	1981	Middle East	Maersk	Mid 70s	March 2011
Arch Rowan		116-C	350	30,000	1981	Middle East	Available			Rig is currently in the shipyard for general maintenance and upgrades and was in the shipyard during the month of July 2010.
Charles Rowan		116-C	350	30,000	1981	Middle East	Available			Rig is currently in the shipyard for general maintenance and upgrades and was in the shipyard during the month of July 2010.
Rowan-Paris		116-C	350	30,000	1980	Middle East	Maersk	Mid 70s	March 2011
Rowan-Middletown		116-C	350	30,000	1980	Middle East	Available			Rig is currently in the shipyard for general maintenance and upgrades and was in the shipyard during the month of July 2010.
Conventional Jack-up Rigs:
Rowan-Juneau		116	250	30,000	1977	Gulf of Mexico	Available			Rig was idle during the month of July 2010.
Rowan-Alaska		84	350	30,000	1975	Gulf of Mexico	Available			Rig was idle during the month of July 2010.
Rowan-Louisiana		84	350	30,000	1975	Gulf of Mexico	McMoRan	Mid 50s	December 2010	Rig was idle during the monthly of July 2010.  Currently negotiating a standby day rate while rig is waiting on a permit.

"*" Denotes Keppel unit design currently under construction at Keppel FELS shipyard in Singapore. 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. Estimated contract durations reflect either stated drilling periods or expected time required for the contracted well or wells. 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.

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 August 19, 2010

ONSHORE RIGS				Maximum		Contract Status
		Horsepower		Drilling			Estimated
Name	Type	Drawworks	Mud Pumps	Depth (feet)	Location	Customer	Duration	Comments
Rig 9	SCR diesel electric	2,000	3,200	20,000	Louisiana	Midstates Petroleum	October 2010
Rig 12	SCR diesel electric	1,500	2,600	18,000	Texas	EOG	September 2010
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 26	SCR diesel electric	2,000	4,800	25,000	Texas	BBX	September 2010
Rig 29	SCR diesel electric	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	August 2010
					Texas	Plains	February 2011
Rig 35	SCR diesel electric	1,500	4,400	18,000	Texas	Cabot	August 2010
						EXCO Resources	September 2011
Rig 51	SCR diesel electric	2,000	4,400	25,000	Texas	Newfield	August 2010
						Krescent	November 2010
Rig 52	SCR diesel electric	2,000	4,400	25,000	Texas	Krescent	November 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	September 2010
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	Louisiana	EnCana	October 2010
Rig 65	AC electric	2,000	3,200	25,000	Louisiana	EnCana	January 2011
Rig 66	AC electric	2,000	3,200	25,000	Texas	EnCana	June 2015
Rig 67	AC electric	2,000	3,200	25,000	Texas	EnCana	October 2010
Rig 68	AC electric	2,000	3,200	25,000	Alaska	Pioneer	September 2010	Rig is on standby at a reduced rate.
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	June 2011
Rig 85	AC electric	2,000	3,200	25,000	Texas	EXCO Resources	October 2010
Rig 86	AC electric	2,000	3,200	25,000	Louisiana	EnCana	February 2012
Rig 87	AC electric	2,000	3,200	25,000	Texas	EXCO 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. Operating day rates range from $15,500 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 2010 was 124 (87% utilization) versus 120 idle days (87% utilization) during June 2010.

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