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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 L/it83I0wn3zNcbf/ItDDDQO6zDObUiKONeolmJtKblGO/KSE9YCBcqjOJFwGhIF
 y/4r9gkRABljD89XeX5Viw==

<SEC-DOCUMENT>0001209191-03-003572.txt : 20030508
<SEC-HEADER>0001209191-03-003572.hdr.sgml : 20030508
<ACCEPTANCE-DATETIME>20030508171023
ACCESSION NUMBER:		0001209191-03-003572
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20030425
FILED AS OF DATE:		20030508

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			AYCOCK LYNDA A
		CENTRAL INDEX KEY:			0001183399

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-05491
		FILM NUMBER:		03688634

	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>aycock.xml
<DESCRIPTION>MAIN DOCUMENT DESCRIPTION
<TEXT>
<XML>
<?xml version="1.0"?><ownershipDocument>    <schemaVersion>X0101</schemaVersion><documentType>4</documentType><periodOfReport>2003-04-25</periodOfReport><notSubjectToSection16>0</notSubjectToSection16><issuer><issuerCik>85408</issuerCik>        <issuerName>ROWAN COMPANIES INC</issuerName><issuerTradingSymbol>RDC</issuerTradingSymbol></issuer><reportingOwner><reportingOwnerId><rptOwnerCik>1183399</rptOwnerCik>            <rptOwnerName>AYCOCK LYNDA A</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>Asst Treasurer/Asst Secretary</officerTitle></reportingOwnerRelationship></repo
rtingOwner><derivativeSecurity><securityTitle><value>Option (Right to Buy)</value><footnoteId id="F1" /></securityTitle><conversionOrExercisePrice><value>6.19</value></conversionOrExercisePrice><transactionDate><value>2003-04-25</value></transactionDate><deemedExecutionDate><value>2003-05-02</value></deemedExecutionDate><transactionCoding><transactionFormType>4</transactionFormType><transactionCode>A</transactionCode><equitySwapInvolved>0</equitySwapInvolved></transactionCoding><transactionAmounts><transactionShares><value>1675</value></transactionShares><transactionValue><value>0</value></transactionValue><transactionAcquiredDisposedCode><value>A</value></transactionAcquiredDisposedCode></transactionAmounts><exerciseDate><value>2004-04-25</value></exerciseDate><expirationDate><value>2013-04-25</value></expirationDate><underlyingSecurity><underlyingSecurityTitle><value>Common Stock</value></underlyingSecurityTitle><underlyingSecurityShares><value>1675</value></underlyingSecurityShares></underlyingSecurity><p
ostTransactionAmounts><sharesOwnedFollowingTransaction><value>1675</value></sharesOwnedFollowingTransaction></postTransactionAmounts><ownershipNature><directOrIndirectOwnership><value>D</value></directOrIndirectOwnership></ownershipNature></derivativeSecurity><derivativeSecurity><securityTitle><value>Option (Right to Buy)</value><footnoteId id="F1" /></securityTitle><conversionOrExercisePrice><value>6.19</value></conversionOrExercisePrice><transactionDate><value>2003-04-25</value></transactionDate><deemedExecutionDate><value>2003-05-02</value></deemedExecutionDate><transactionCoding><transactionFormType>4</transactionFormType><transactionCode>A</transactionCode><equitySwapInvolved>0</equitySwapInvolved></transactionCoding><transactionAmounts><transactionShares><value>1675</value></transactionShares><transactionValue><value>0</value></transactionValue><transactionAcquiredDisposedCode><value>A</value></transactionAcquiredDisposedCode></transactionAmounts><exerciseDate><value>2005-04-25</value></exerciseDate><e
xpirationDate><value>2013-04-25</value></expirationDate><underlyingSecurity><underlyingSecurityTitle><value>Common Stock</value></underlyingSecurityTitle><underlyingSecurityShares><value>1675</value></underlyingSecurityShares></underlyingSecurity><postTransactionAmounts><sharesOwnedFollowingTransaction><value>1675</value></sharesOwnedFollowingTransaction></postTransactionAmounts><ownershipNature><directOrIndirectOwnership><value>D</value></directOrIndirectOwnership></ownershipNature></derivativeSecurity><derivativeSecurity><securityTitle><value>Option (Right to Buy)</value><footnoteId id="F1" /></securityTitle><conversionOrExercisePrice><value>6.19</value></conversionOrExercisePrice><transactionDate><value>2003-04-25</value></transactionDate><deemedExecutionDate><value>2003-05-02</value></deemedExecutionDate><transactionCoding><transactionFormType>4</transactionFormType><transactionCode>A</transactionCode><equitySwapInvolved>0</equitySwapInvolved></transactionCoding><transactionAmounts><transactionShares><va
lue>1675</value></transactionShares><transactionValue><value>0</value></transactionValue><transactionAcquiredDisposedCode><value>A</value></transactionAcquiredDisposedCode></transactionAmounts><exerciseDate><value>2006-04-25</value></exerciseDate><expirationDate><value>2013-04-25</value></expirationDate><underlyingSecurity><underlyingSecurityTitle><value>Common Stock</value></underlyingSecurityTitle><underlyingSecurityShares><value>1675</value></underlyingSecurityShares></underlyingSecurity><postTransactionAmounts><sharesOwnedFollowingTransaction><value>1675</value></sharesOwnedFollowingTransaction></postTransactionAmounts><ownershipNature><directOrIndirectOwnership><value>D</value></directOrIndirectOwnership></ownershipNature></derivativeSecurity><derivativeSecurity><securityTitle><value>Option (Right to Buy</value><footnoteId id="F1" /></securityTitle><conversionOrExercisePrice><value>6.19</value></conversionOrExercisePrice><transactionDate><value>2003-05-02</value></transactionDate><deemedExecutionDate><v
alue>2003-05-02</value></deemedExecutionDate><transactionCoding><transactionFormType>4</transactionFormType><transactionCode>A</transactionCode><equitySwapInvolved>0</equitySwapInvolved></transactionCoding><transactionAmounts><transactionShares><value>1675</value></transactionShares><transactionValue><value>0</value></transactionValue><transactionAcquiredDisposedCode><value>A</value></transactionAcquiredDisposedCode></transactionAmounts><exerciseDate><value>2007-04-25</value></exerciseDate><expirationDate><value>2013-04-25</value></expirationDate><underlyingSecurity><underlyingSecurityTitle><value>Common Stock</value></underlyingSecurityTitle><underlyingSecurityShares><value>1675</value></underlyingSecurityShares></underlyingSecurity><postTransactionAmounts><sharesOwnedFollowingTransaction><value>1675</value></sharesOwnedFollowingTransaction></postTransactionAmounts><ownershipNature><directOrIndirectOwnership><value>D</value></directOrIndirectOwnership></ownershipNature></derivativeSecurity><footnotes><footn
ote id="F1">This Option was granted April 25, 2003 under the Rowan Companies, Inc. 1988 Nonqualified Stock Option Plan in a transaction exempt under Rule 16b-3. This option, which was acknowledged and accepted by the Reporting Person on May 2, 2003, becomes exercisable 25% for each year from the date of grant.</footnote></footnotes><ownerSignature><signatureName> /s/ Lynda A. Aycock</signatureName><signatureDate>2003-05-02</signatureDate></ownerSignature></ownershipDocument>

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