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): July 26, 2011

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 July 26, 2011, 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 July 26, 2011
99.2	Land Rig Fleet and Contract Status at July 26, 2011

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: July 26, 2011

2

EXHIBIT INDEX

EXHIBIT DESCRIPTION

Exhibit
Number	Exhibit Description
99.1	Offshore Rig Fleet and Contract Status at July 26, 2011
99.2	Land Rig Fleet and Contract Status at July 26, 2011

3

EX-99.1

ROWAN COMPANIES, INC. OFFSHORE RIG FLEET AND CONTRACT STATUS As of July 26, 2011

OFFSHORE RIGS							Contract Status
			Depth (feet)		Year in			Day Rate	Estimated
Name		Class	Water	Drilling	Service	Location	Customer	(in thousands)	Duration	Comments ($ in thousands)
Ultra Deepwater Drillships:
Drillship TBN/Hull 2560		GustoMSC 10,000	12,000	40,000	2014		Available			Rig is contracted for construction by HHI with expected delivery in mid 2014.
Drillship TBN/Hull 2559		GustoMSC 10,000	12,000	40,000	2014		Available			Rig is contracted for construction by HHI with expected delivery in late 2013.
Cantilever Jack-up Rigs:
Rowan EXL IV		S116-E	350	35,000	2012		Available			Rig is under construction and expected to be available in October 2011.
Joe Douglas		240-C	375	35,000	2012	Gulf of Mexico	McMoRan			Rig is under construction with delivery expected in Q4 2011. Received a verbal commitment from McMoRan for one ultra deep gas well in the Gulf of Mexico (approximately one year) at a day rate in the low 180's commencing early Q1 2012.
Rowan Norway	*	N-Class	400	35,000	2011	UK North Sea	Xcite Energy	Low 250s	June 2012	Rig was delivered in late June 2011.  Contract is for combined drilling and production operations with an initial term of 240 days followed by a one year priced option in the low $250s. Production fee of $1 per barrel of oil produced is also payable during the initial term. Customer was required to provide security for the initial term totaling $60 million and escrowed the final installment of $30 million in early July 2011. Rig is expected to commence operations in November 2011.
Rowan EXL III		S116-E	350	35,000	2011	Gulf of Mexico	McMoRan	Low 140s	May 2012
Rowan Stavanger	*	N-Class	400	35,000	2011	North Sea	Talisman Norway	Low 340s	December 2011	Rig is conducting accommodations work in the Norwegian sector of the North Sea.
								Mid 270s/ Low 350s	October 2012	Rig will drill three wells in the Norwegian sector of the North Sea at the higher day rate shown, and one well in the UK sector at the lower day rate shown. The combined duration for the four wells is expected to be 306 days commencing December 2011.
						Norway	Lundin	Mid 340s Mid 350s	August 2015 November 2016	Rig received a Letter of Award for 15 wells estimated to commence operations in the Norwegian sector of the North Sea in Q2 2014.  The Company may substitute a comparable rig depending on availability.
Rowan Viking	*	N-Class	400	35,000	2011	UK North Sea	Total UK	Low 220s	January 2013
Rowan EXL II		S116-E	350	35,000	2011	Trinidad	BP Trinidad	Mid 130s	February 2014	Rig was idle for six days during the month of June 2011.
Rowan EXL I		S116-E	350	35,000	2010	Gulf of Mexico	McMoRan	Low 140s	September 2011
Ralph Coffman		240-C	375	35,000	2009	Gulf of Mexico	McMoRan	Low 180s	December 2011	Verbal commitment received from McMoRan for one ultra deep gas well in the Gulf of Mexico (approximately one year) at a day rate in the low 180's extimated to commence Q1 2012 as transferred from Rowan Mississippi to Ralph Coffman.
J.P. Bussell		225-C	300	35,000	2008	Vietnam	Petronas Carigali	High 120s	May 2012	Rig is mobilizing to Singapore and expected to enter the shipyard in Q3 2011 for modifications/upgrades for Petronas on a 240 day term contract expected to commence in Q4 2011.  Rig was idle during the month of June 2011.
Rowan-Mississippi		240-C	375	35,000	2008	Middle East	Saudi Aramco	Low 220s	June 2014	Rig is in the shipyard in the GOM undergoing modifications/upgrades for Saudi Aramco and is expected to depart for the Middle East in Q3 2011 before commencing operations on three-year contract in Q4 2011.  Day rate may be subject to penalty of up to one half of the day rate for every day the rig is late beyond June 15, 2011.  Any such penalty would be recognized ratably over the balance of the primary contract term.  The contract includes a priced option for one additional year in the mid 190s.  The rig was idle for six days during the month of June 2011.
Hank Boswell		225-C	300	35,000	2006	Middle East	Saudi Aramco	High 120s	August 2014
Bob Keller		225-C	300	35,000	2005	Middle East	Saudi Aramco	High 120s	May 2014
Scooter Yeargain		225-C	300	35,000	2004	Middle East	Saudi Aramco	Low 180s	September 2011
								High 120s	September 2014	Rig is expected to commence  three-year contract at indicated day rate in early September 2011.
Bob Palmer		224-C	550	35,000	2003	Middle East	Saudi Aramco	Mid 270s	June 2014	Rig is in Saudi waters undergoing final acceptance testing for Saudi Aramco before commencing operations on three-year contract in earlyAugust 2011.  The contract includes a priced option for one additional year in the mid 290s.  The rig was idle during the month of June 2011.
Rowan Gorilla VII		219-C	400	35,000	2002	UK North Sea	Apache	Low 180s	May 2012	The contract includes two (2) six-month options at mutually agreed rates with a cap of 120% of the current day rate.
Rowan Gorilla VI		219-C	400	35,000	2000	UK North Sea	BG	Low 200s	November 2012
								Low 220s	October 2013	The contract includes priced option for one well estimated for 300 days in the low 220s.
Rowan Gorilla V		219-C	400	35,000	1998	UK North Sea	Total	Low 180s	February 2012	The rig was idle for four days during the month of June 2011.
								Mid 200s	February 2013
Rowan Gorilla IV		200-C	450	35,000	1986	Mexico	PEMEX	Mid 100s	December 2011
Rowan Gorilla III		200-C	450	30,000	1984	Trinidad	Niko Resources / Bayfield Energy	Low 130s	September 2012	Rig is in the shipyard in the GOM undergoing modifications/upgrades for Niko Resouces and is expected to depart for Trinidad in Q3 2011 and commence operations in September 2011.  Contract is for a firm term of eight wells with an expected duration of one year.  Customer has the option to extend the contract for up to nine additional wells with an expected duration of one year.  Wells spud in the second year of the contract attract a day rate in the low 130s.
Rowan Gorilla II		200-C	350	30,000	1984	Malaysia	Petronas Carigali	High 110s	November 2012	Rig is in the shipyard in the GOM undergoing modifications/upgrades for Petronas and is expected to depart for Southeast Asia in Q3 2011 before commencing operations on a one year contract in Q4 2011. Rig was idle during the month of June 2011.
Rowan-California		116-C	300	30,000	1983	Middle East	Total Qatar	Low 60s	December 2011	Rig commenced operations in late July 2011.  The contract includes two priced options with an expected duration of 30 days each at a day rate in the low 60s.  Rig was idle for eight days during the month of June 2011.
							Wintershall	Mid 70s		Customer has the right to exercise an option by early October 2011 for one well with an estimated duration of six months.
Cecil Provine		116-C	300	30,000	1982	Gulf of Mexico	Apache	Low 70s	October 2011
Gilbert Rowe		116-C	350	30,000	1981	Middle East	Available			Rig entered the shipyard in late July 2011 for approximately 9-12 month for inspections, general maintenance,and upgrades.  Rig was idle for four days during the month of June 2011.
Arch Rowan		116-C	350	30,000	1981	Middle East	Saudi Aramco	Low 80s	November 2014	Rig is expected to commence operations in November 2011.  Rig is in the shipyard for general maintenance and upgrades and was in the shipyard during the month of June 2011.
Charles Rowan		116-C	350	30,000	1981	Middle East	Saudi Aramco	Mid 80s	November 2014	Rig is expected to commence operations in November 2011.  Rig is in the shipyard for general maintenance and upgrades and was in the shipyard during the month of June 2011.
Rowan-Paris		116-C	350	30,000	1980	Middle East	Maersk	Mid 70s	September 2011	Rig is expected to enter the shipyard in September 2011 for inspections, general maintenance, and upgrades for approximately 9-12 months.
Rowan-Middletown		116-C	350	30,000	1980	Middle East	Saudi Aramco	Mid 80s	November 2014	Rig is expected to commence operations in November 2011.  Rig is in the shipyard for general maintenance and upgrades and was in the shipyard during the month of June 2011.
Conventional Jack-up Rigs:
Rowan-Juneau		116	250	30,000	1977	Gulf of Mexico	Available			Rig was idle during the month of June 2011.
Rowan-Alaska		84	350	30,000	1975	Gulf of Mexico	Available			Rig was idle during the month of June 2011.
Rowan-Louisiana		84	350	30,000	1975	Gulf of Mexico	McMoRan	Mid 50s	August 2011	Contract includes priced options for two wells. The first well is estimated for 200 days at a day rate in the low 70s and the second well is estimated for 200 days at a day rate in the low 80s.

 

"*" Denotes Keppel unit design constructed 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 July 26, 2011

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	Alabama	Chevron	December 2011
Rig 12	SCR diesel electric	1,500	2,600	18,000	Texas	Choice Exploration	September 2011
Rig 14	AC electric	3,000	4,800	35,000	Louisiana	Armstrong	October 2011
Rig 15	AC electric	3,000	4,800	35,000	Texas	Available
Rig 26	SCR diesel electric	2,000	3,200	25,000	Texas	BBX	August 2011
Rig 29	SCR diesel electric	1,500	2,600	18,000	Texas	Available
Rig 30	AC electric	2,000	3,200	20,000	Louisiana	Chesapeake	August 2011
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	Plains	September 2011
Rig 35	SCR diesel electric	1,500	4,400	18,000	Texas	EXCO Resources	September 2011
Rig 51	SCR diesel electric	2,000	4,400	25,000	Louisiana	Chesapeake	October 2011
Rig 52	SCR diesel electric	2,000	4,400	25,000	Texas	EOG	August 2011
Rig 53	SCR diesel electric	2,000	4,400	25,000	Louisiana	Chesapeake	August 2011
Rig 54	SCR diesel electric	2,000	4,400	25,000	Louisiana	Chesapeake	October 2011
Rig 59	AC electric	2,000	3,200	25,000	Texas	EnCana	August 2012
Rig 60	AC electric	2,000	3,200	25,000	Texas	Plains	December 2011
Rig 61	AC electric	2,000	3,200	25,000	Texas	Cheyenne	February 2012
Rig 62	AC electric	2,000	3,200	25,000	Oklahoma	Devon	September 2011
Rig 63	AC electric	2,000	3,200	25,000	Texas	Cheyenne	February 2012
Rig 64	AC electric	2,000	3,200	25,000	Texas	BBX	November 2011
Rig 65	AC electric	2,000	3,200	25,000	Louisiana	EnCana	December 2014
Rig 66	AC electric	2,000	3,200	25,000	Texas	Hunt	June 2012
Rig 67	AC electric	2,000	3,200	25,000	Texas	EOG	October 2011
Rig 68	AC electric	2,000	3,200	25,000	Texas	EOG	October 2011
Rig 76	AC electric	2,000	3,200	25,000	Texas	EnCana	June 2012
Rig 77	AC electric	2,000	3,200	25,000	Texas	EnCana	September 2012
Rig 84	AC electric	2,000	3,200	25,000	Texas	EnCana	June 2015
Rig 85	AC electric	2,000	3,200	25,000	Alabama	Chevron	October 2011
Rig 86	AC electric	2,000	3,200	25,000	Texas	EOG	August 2011
Rig 87	AC electric	2,000	3,200	25,000	Texas	EXCO Resources	May 2012

*On July 20, 2011, the Company announced that it has entered into a purchase and sale agreement with Ensign United States Drilling (S.W.) Inc., a subsidiary of Ensign Energy Services Inc., to sell Rowan’s land drilling division for $510 million in cash, plus working capital of approximately $30 million. The Agreement is subject only to regulatory approval, which the Company expects to obtain within the third quarter.

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.  Rigs 15 and 29 are not being marketed.Operating day rates range from$18,000 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 June 2011 was 130 (86% 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