<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
FORM 11-K
[X] ANNUAL REPORT PURSUANT TO SECTION 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934 [FEE REQUIRED]
For the fiscal year ended December 31, 1998
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934 [NO FEE REQUIRED]
For the transition period from ____ to ____
Commission File
Number 1-5491
A. Full title of the plan and the address of the plan, if different from that
of the issuer named below:
ROWAN COMPANIES, INC. SAVINGS AND INVESTMENT PLAN
B. Name of issuer of the securities held pursuant to the plan and the address
of its principal executive office:
Rowan Companies, Inc.
2800 Post Oak Boulevard
Suite 5450
Houston, Texas 77056-6196
REQUIRED INFORMATION
The Rowan Companies, Inc. Savings and Investment Plan (the "Plan") is
subject to the Employee Retirement Income Security Act of 1974 ("ERISA").
Therefore, in lieu of the requirements of Items 1-3 OF Form 11-K, the financial
statements and schedules of the Plan for and as of the fiscal year and fiscal
year-ends reflected therein, which have been prepared in accordance with the
financial reporting requirements of ERISA, are attached hereto as Appendix 1
and incorporated herein by this reference.
SIGNATURES
The Plan, Pursuant to the requirements of the Securities and Exchange Act
of 1934, the trustees (or other persons who administer the employee benefit
plan) have duly caused this annual report to be signed on its behalf by the
undersigned hereunto duly authorized.
ROWAN COMPANIES, INC. SAVINGS
AND INVESTMENT PLAN
By: Rowan Companies, Inc. Savings
and Investment Plan
Administrative Committee:
/s/ JOHN R. COLLINS June 29, 1999
-------------------------------
John R. Collins
/s/ MARK H. HAY June 29, 1999
-------------------------------
Mark H. Hay
/s/ C. R. PALMER June 29, 1999
-------------------------------
C. R. Palmer
/s/ E. E. THIELE June 29, 1999
-------------------------------
E. E. Thiele
<PAGE> 2
APPENDIX 1
ROWAN COMPANIES, INC.
SAVINGS AND INVESTMENT PLAN
FINANCIAL STATEMENTS AS OF DECEMBER 31, 1998 AND 1997
AND FOR THE YEAR ENDED DECEMBER 31, 1998, SUPPLEMENTAL SCHEDULES
AS OF AND FOR THE YEAR ENDED DECEMBER 31, 1998
AND INDEPENDENT AUDITORS' REPORT
<PAGE> 3
ROWAN COMPANIES, INC. SAVINGS AND
INVESTMENT PLAN
TABLE OF CONTENTS
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PAGE
<S> <C>
INDEPENDENT AUDITORS' REPORT 1
FINANCIAL STATEMENTS:
Statement of Net Assets Available for Benefits, December 31, 1998 2
Statement of Net Assets Available for Benefits, December 31, 1997 3
Statement of Changes in Net Assets Available for Benefits for the Year Ended
December 31, 1998 4
Notes to Financial Statements for the Years Ended December 31, 1998 and 1997 5
SUPPLEMENTAL SCHEDULES:
Assets Held for Investment (Form 5500, Item 27a), December 31, 1998 8
Reportable Transactions (Form 5500, Item 27d) for the Year Ended December 31, 1998 9
</TABLE>
Schedules other than those listed above are omitted because of the absence of
the conditions under which they are required.
<PAGE> 4
INDEPENDENT AUDITORS' REPORT
Rowan Companies, Inc. Savings and Investment Plan:
We have audited the accompanying statements of net assets available for
benefits of the Rowan Companies, Inc. Savings and Investment Plan (the "Plan")
as of December 31, 1998 and 1997, and the related statement of changes in net
assets available for benefits for the year ended December 31, 1998. These
financial statements are the responsibility of the Plan's management. Our
responsibility is to express an opinion on these financial statements based on
our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a reasonable basis
for our opinion.
In our opinion, such financial statements present fairly, in all material
respects, the net assets available for benefits of the Plan as of December 31,
1998 and 1997, and the changes in net assets available for benefits for the
year ended December 31, 1998 in conformity with generally accepted accounting
principles.
Our audits were conducted for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental schedules of Assets
Held for Investment as of December 31, 1998 and Reportable Transactions for the
year then ended are presented for the purpose of additional analysis and are
not a required part of the basic financial statements but are supplementary
information required by the Department of Labor's Rules and Regulations for
Reporting and Disclosure under the Employee Retirement Income Security Act of
1974. The supplemental information by fund in the statements of net assets
available for benefits and the statement of changes in net assets available for
benefits is presented for the purpose of additional analysis rather than to
present the net assets available for benefits and the changes in net assets
available for benefits of the individual funds. The supplemental schedules and
supplemental information by fund is the responsibility of the Plan's
management. Such supplemental schedules and supplemental information by fund
have been subjected to the auditing procedures applied in our audits of the
basic financial statements and, in our opinion, are fairly stated in all
material respects when considered in relation to the basic financial statements
taken as a whole.
DELOITTE & TOUCHE LLP
DELOITTE & TOUCHE LLP
Houston, Texas
June 25, 1999
-1-
<PAGE> 5
ROWAN COMPANIES, INC. SAVINGS AND INVESTMENT PLAN
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS,
DECEMBER 31, 1998
- ------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SUPPLEMENTAL INFORMATION BY FUND
---------------------------------------------------------------------------------
Fidelity Fidelity Fidelity
Fidelity Fidelity Intermediate Equity Aggressive
Puritan Magellan Bond Income II Growth
Fund Fund Fund Fund Fund
<S> <C> <C> <C> <C> <C>
ASSETS:
Cash
Investments - at fair value $6,179,737 $10,214,908 $ 1,273,131 $ 855,293 $ 986,123
Receivables:
Contributions:
Employee 113,656 153,804 23,909 22,695 21,960
Employer 38,339 52,187 9,074 7,254 6,867
Unsettled sales
---------- ----------- ----------- ----------- -----------
TOTAL ASSETS 6,331,732 10,420,899 1,306,114 885,242 1,014,950
LIABILITIES - Payable for
unsettled purchases
---------- ----------- ----------- ----------- -----------
NET ASSETS AVAILABLE
FOR BENEFITS $ 6,331,732 $10,420,899 $ 1,306,114 $ 885,242 $ 1,014,950
=========== =========== =========== =========== ===========
<CAPTION>
SUPPLEMENTAL INFORMATION BY FUND
-----------------------------------------
Fidelity Fidelity Rowan
Money Managed Companies
Market Income Stock
Portfolio Portfolio Fund Total
<S> <C> <C> <C> <C>
ASSETS:
Cash $ 58,001 $ 58,001
Investments - at fair value $ 1,697,187 $ 1,049,231 1,147,990 23,403,600
Receivables:
Contributions:
Employee 34,439 20,030 24,283 414,776
Employer 12,609 7,812 7,760 141,902
Unsettled sales 47,506 47,506
----------- ----------- ----------- -----------
TOTAL ASSETS 1,744,235 1,077,073 1,285,540 24,065,785
LIABILITIES - Payable for
unsettled purchases 41,612 41,612
----------- ----------- ----------- -----------
NET ASSETS AVAILABLE
FOR BENEFITS $ 1,744,235 $ 1,077,073 $ 1,243,928 $24,024,173
=========== =========== =========== ===========
</TABLE>
See notes to financial statements.
-2-
<PAGE> 6
ROWAN COMPANIES, INC. SAVINGS AND INVESTMENT PLAN
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS,
DECEMBER 31, 1997
- ------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SUPPLEMENTAL INFORMATION BY FUND
--------------------------------------------------------------------------------------
Fidelity Fidelity Fidelity
Fidelity Fidelity Intermediate Equity Aggressive
Puritan Magellan Bond Income II Growth
Fund Fund Fund Fund Fund
<S> <C> <C> <C> <C> <C>
ASSETS:
Cash
Investments - at fair value $ 4,543,051 $ 6,211,773 $ 1,009,732 $ 391,594 $ 329,214
Receivables:
Contributions:
Employee 106,796 134,172 22,736 15,610 13,015
Employer 38,414 48,791 9,090 5,300 4,137
Unsettled sales
----------- ----------- ----------- ----------- -----------
TOTAL ASSETS 4,688,261 6,394,736 1,041,558 412,504 346,366
LIABILITIES - Payable for
unsettled purchases
----------- ----------- ----------- ----------- -----------
NET ASSETS AVAILABLE
FOR BENEFITS $ 4,688,261 $ 6,394,736 $ 1,041,558 $ 412,504 $ 346,366
=========== =========== =========== =========== ===========
<CAPTION>
SUPPLEMENTAL INFORMATION BY FUND
--------------------------------------------
Fidelity Fidelity Rowan
Money Managed Companies
Market Income Stock
Portfolio Portfolio Fund Total
<S> <C> <C> <C> <C>
ASSETS:
Cash $ 62,510 $ 62,510
Investments - at fair value $ 1,097,699 $ 762,988 328,986 14,675,037
Receivables:
Contributions:
Employee 27,733 17,955 10,008 348,025
Employer 11,404 7,527 3,191 127,854
Unsettled sales 11,156 11,156
----------- ----------- ----------- -----------
TOTAL ASSETS 1,136,836 788,470 415,851 15,224,582
LIABILITIES - Payable for
unsettled purchases 57,060 57,060
----------- ----------- ----------- -----------
NET ASSETS AVAILABLE
FOR BENEFITS $ 1,136,836 $ 788,470 $ 358,791 $15,167,522
=========== =========== =========== ===========
</TABLE>
See notes to financial statements.
-3-
<PAGE> 7
ROWAN COMPANIES, INC. SAVINGS AND INVESTMENT PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
FOR THE YEAR ENDED DECEMBER 31, 1998
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SUPPLEMENTAL INFORMATION BY FUND
------------------------------------------------------------------------------------
Fidelity Fidelity Fidelity
Fidelity Fidelity Intermediate Equity Aggressive
Puritan Magellan Bond Income II Growth
Fund Fund Fund Fund Fund
<S> <C> <C> <C> <C> <C>
ADDITIONS:
Net appreciation (depreciation)
in investments $ 232,695 $ 2,009,958 $ 10,241 $ 61,590 $ 185,553
Investment income 615,190 451,769 70,130 73,044 59,505
Contributions:
Employee 1,360,531 1,887,006 283,574 254,661 239,265
Employer 471,889 637,147 108,464 81,167 72,847
Other 2,363
------------ ------------ ------------ ------------ ------------
Total additions 2,680,305 4,985,880 472,409 470,462 559,533
------------ ------------ ------------ ------------ ------------
DEDUCTIONS:
Employee withdrawals 278,614 550,716 52,736 23,071 19,134
Net employee forfeitures 8,786 29,847 4,443 2,227 3,629
Administrative expenses 139
------------ ------------ ------------ ------------ ------------
Total deductions 287,400 580,563 57,179 25,298 22,902
------------ ------------ ------------ ------------ ------------
INTERFUND TRANSFERS (749,434) (379,154) (150,674) 27,574 131,953
------------ ------------ ------------ ------------ ------------
INCREASE IN NET ASSETS
AVAILABLE FOR BENEFITS 1,643,471 4,026,163 264,556 472,738 668,584
NET ASSETS AVAILABLE
FOR BENEFITS:
Beginning of year 4,688,261 6,394,736 1,041,558 412,504 346,366
------------ ------------ ------------ ------------ ------------
End of year $ 6,331,732 $ 10,420,899 $ 1,306,114 $ 885,242 $ 1,014,950
============ ============ ============ ============ ============
<CAPTION>
SUPPLEMENTAL INFORMATION BY FUND
---------------------------------------------------
Fidelity Fidelity Rowan
Money Managed Companies
Market Income Stock
Portfolio Portfolio Fund Total
<S> <C> <C> <C> <C>
ADDITIONS:
Net appreciation (depreciation)
in investments $ (460,110) $ 2,039,927
Investment income $ 70,150 $ 51,401 1,485 1,392,674
Contributions:
Employee 392,802 226,095 207,590 4,851,524
Employer 141,357 91,380 67,665 1,671,916
Other 2,363
------------ ------------ ------------ ------------
Total additions 604,309 368,876 (183,370) 9,958,404
------------ ------------ ------------ ------------
DEDUCTIONS:
Employee withdrawals 88,607 33,906 4,883 1,051,667
Net employee forfeitures (52,846) 3,674 240 --
Administrative expenses 49,947 50,086
------------ ------------ ------------ ------------
Total deductions 85,708 37,580 5,123 1,101,753
------------ ------------ ------------ ------------
INTERFUND TRANSFERS 88,798 (42,693) 1,073,630 --
------------ ------------ ------------ ------------
INCREASE IN NET ASSETS
AVAILABLE FOR BENEFITS 607,399 288,603 885,137 8,856,651
NET ASSETS AVAILABLE
FOR BENEFITS:
Beginning of year 1,136,836 788,470 358,791 15,167,522
------------ ------------ ------------ ------------
End of year $ 1,744,235 $ 1,077,073 $ 1,243,928 $ 24,024,173
============ ============ ============ ============
</TABLE>
See notes to financial statements.
-4-
<PAGE> 8
ROWAN COMPANIES, INC. SAVINGS AND INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS
FOR THE YEARS ENDED DECEMBER 31, 1998 AND 1997
- -------------------------------------------------------------------------------
1. PLAN DESCRIPTION
The following brief description of the Rowan Companies, Inc. Savings and
Investment Plan (the "Plan") is provided for general informational
purposes only. Participants should refer to the Plan agreement for more
complete information.
GENERAL - The Plan is a defined contribution, individual account 401(k)
plan covering substantially all drilling and aviation employees of Rowan
Companies, Inc. and its subsidiaries (the "Company").
PARTICIPATION - Employees are eligible to enter the Plan on the January 1
or July 1 immediately following the completion of 1,000 hours of service
in the 12-month period beginning on the employee's date of hire and
ending on the anniversary of such date.
FUNDING - Under the Plan, eligible employees may make basic contributions
of up to 6%, and additional contributions of up to 9%, of their regular
compensation on a before-tax basis. The Company makes a matching
contribution equal to 50% of a participant's basic contribution.
INVESTMENT OPTIONS - The assets of the Plan are held and managed by
Fidelity Management Trust Company, the Trustee of the Plan (the
"Trustee"). Participants direct the investment of their accounts into any
of the following:
Fidelity Puritan Fund seeks current income and capital preservation by
investing primarily in high-yielding domestic and foreign stocks and
bonds.
Fidelity Magellan Fund seeks long-term capital appreciation by
investing primarily in domestic and foreign stocks and convertible
bonds across a variety of industries and sectors.
Fidelity Intermediate Bond Fund seeks a high level of current income
by investing primarily in domestic and foreign securities with
intermediate maturities.
Fidelity Equity-Income II Fund seeks current income and capital
appreciation by investing primarily in income-producing stocks.
Fidelity Aggressive Growth Fund seeks long-term capital appreciation
by investing primarily in stocks of companies believed to offer the
potential for accelerated growth.
Fidelity (Retirement Government) Money Market Portfolio seeks a high
level of current income and capital and liquidity preservation by
investing primarily in obligations issued or guaranteed by the U.S.
government or its agencies.
-5-
<PAGE> 9
Fidelity Managed Income Portfolio seeks capital preservation and a
competitive level of current income over time by investing primarily
in short- and long-term investment contracts.
The Rowan Companies Unitized Stock Fund, added to the Plan effective
July 1, 1997, allows participants convenient access to the common
stock of Rowan Companies, Inc., the Plan's sponsor.
EXPENSES - Participants' accounts are charged with investment advisory
and other fees by the Trustee. All other expenses of administering the
Plan are borne by the Company.
VESTING PROVISIONS - Participants are 100% vested at all times in their
own contributions, plus any earnings accrued thereon, and achieve 100%
vesting in employer matching contributions, plus any earnings thereon,
after five years or more of qualified service.
Participants at age 65 are entitled to 100% of all contributions, plus
any earnings accrued thereon. Upon death or permanent disability, a
participant, or his beneficiary, will be entitled to 100% of all
contributions, plus any earnings accrued thereon.
DISTRIBUTIONS - Participants can obtain lump-sum or installment
distributions of vested balances upon termination of employment,
retirement, disability or death. Other hardship withdrawals can be
obtained under certain conditions. At both December 31, 1998 and 1997,
Plan assets included approximately $27,000 of distributions payable to
former Plan participants.
FORFEITURES - Upon termination of employment, participants' nonvested
balances are forfeited. Such forfeitures can be applied to reduce
employer contributions or administrative expenses otherwise payable by
the Company.
PLAN TERMINATION - Although it has not expressed any intention to do so,
the Company may terminate the Plan at any time subject to the provisions
of the Employee Retirement Income Security Act of 1974. In the event the
Plan is terminated, each participant shall be entitled to 100% of all
contributions, plus any earnings accrued thereon, as of the date of
termination.
PARTY-IN-INTEREST TRANSACTIONS - The investment by the Trustee of Plan
contributions into mutual funds managed by an affiliate of the Trustee
are party-in-interest transactions, and the related management fees are
deducted from investment earnings. The Company is also a
party-in-interest.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The financial statements of the Plan have been prepared on the accrual
basis of accounting. Investments are stated at fair value as determined
by the Trustee based upon quoted market prices for the underlying
securities, and realized and unrealized gains or losses are computed
based on the fair value of the assets at the beginning of the Plan year.
The preparation of financial statements in conformity with generally
accepted accounting principles requires the Plan's management to make
estimates and assumptions that affect the reported amounts of assets and
liabilities and disclosure of contingent assets and liabilities at the
date of the financial statements and the reported amounts of additions to
and deductions from such assets and liabilities during the reporting
period. Actual results could differ from these estimates.
Certain reclassifications have been made to the 1997 amounts to conform
with the 1998 presentations.
-6-
<PAGE> 10
3. TAX STATUS OF THE PLAN
The Internal Revenue Service has determined and informed the Company by a
letter dated October 22, 1996, that the Plan and related trust are
designed in accordance with applicable sections of the Internal Revenue
Code ("IRC"). Though the Plan has been amended since that date, the Plan
administrator and the Company believe that the Plan continues to be
designed and is currently being operated in compliance with the
applicable requirements of the IRC. A request for a new determination
letter has been made.
4. MASTER DEFINED CONTRIBUTION TRUST
Effective July 1, 1997, in connection with the addition of the Rowan
Companies Unitized Stock Fund, the Plan created a Master Defined
Contribution Trust (the "Trust"). The Trust permits the commingling for
investment and administrative purposes of certain of the Plan's assets
with those of another plan sponsored by the Company. The Trustee
maintains supporting records for the purpose of allocating investment
gains or losses to the participating plans.
The investment accounts of the Trust are valued at fair value at the end
of each trading day based upon quoted market prices. Net investment gains
or losses for each day are allocated by the Trustee to each participating
plan based on the plans' relative interest in the investment units of the
Trust.
At December 31, 1998, the Trust had net assets available for benefits of
$1,938,442, including $90,620 of cash, $119,100 of receivables and
$1,793,740 fair value of Rowan Companies, Inc. common stock, net of
$65,018 of payables. At December 31, 1997, the Trust had net assets
available for benefits of $900,088, including $159,370 of cash, $47,444
of receivables and $838,750 fair value of Rowan Companies, Inc. common
stock, net of $145,476 of payables. The net investment loss for the Trust
during the year ended December 31, 1998 was $998,675, including
$1,001,903 of net depreciation of Rowan Companies, Inc. common stock, net
of $3,228 of interest income.
The Plan's interest in the Trust's total investment units was 64% at
December 31, 1998 and 39% at December 31, 1997, with the balance
attributed to the other Rowan-sponsored plan.
5. UNIT VALUES
The Plan's Rowan Companies Unitized Stock Fund had 575,681 and 89,033
participation units outstanding at December 31, 1998 and 1997,
respectively. Plan participants' equity per unit was $9.40 at March 31,
1998, $6.33 at June 30, 1998, $3.69 at September 30, 1998 and $3.29 at
December 31, 1998.
******
-7-
<PAGE> 11
ROWAN COMPANIES, INC. SAVINGS AND INVESTMENT PLAN
SUPPLEMENTAL SCHEDULE OF ASSETS HELD FOR INVESTMENT (Form 5500, Item 27a),
DECEMBER 31, 1998
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
COLUMN A COLUMN B COLUMN C COLUMN D COLUMN E
-------- -------- -------- -------- --------
IDENTITY OF ISSUER,
BORROWER, LESSOR DESCRIPTION OF FAIR
OR SIMILAR PARTY INVESTMENT COST VALUE
<S> <C> <C> <C> <C>
* Fidelity Management Trust Co. Puritan Fund $ 5,683,680 $ 6,179,737
* Fidelity Management Trust Co. Magellan Fund 7,736,680 10,214,908
* Fidelity Management Trust Co. Intermediate Bond Fund 1,259,940 1,273,131
* Fidelity Management Trust Co. Equity Income II Fund 793,094 855,293
* Fidelity Management Trust Co. Aggressive Growth Fund 852,936 986,123
* Fidelity Management Trust Co. Money Market Portfolio 1,697,187 1,697,187
* Fidelity Management Trust Co. Managed Income Portfolio 1,049,231 1,049,231
* Rowan Companies, Inc. Rowan Companies Stock 1,642,786 1,147,990
------------ ------------
Total $ 20,715,534 $ 23,403,600
============ ============
</TABLE>
* Party-in-interest
-8-
<PAGE> 12
ROWAN COMPANIES, INC. SAVINGS AND INVESTMENT PLAN
SUPPLEMENTAL SCHEDULE OF REPORTABLE TRANSACTIONS (Form 5500, Item 27d)
FOR THE YEAR ENDED DECEMBER 31, 1998
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
COLUMN A COLUMN B COLUMN C COLUMN D COLUMN G COLUMN H COLUMN I
-------- -------- -------- -------- -------- -------- --------
CURRENT
VALUE OF
IDENTITY ASSET ON NET
OF PARTY DESCRIPTION PURCHASE SELLING COST OF TRANSACTION GAIN
INVOLVED OF ASSET PRICE (1) PRICE (1) ASSET DATE (LOSS)
<S> <C> <C> <C> <C> <C> <C>
SINGLE TRANSACTIONS:
None
SERIES OF TRANSACTIONS:
* Fidelity Puritan Fund $ 2,630,966 $ 1,226,975 $ 3,768,379 $ 3,857,941 $ 89,562
Management Magellan Fund 3,212,320 1,219,144 4,264,088 4,431,464 167,376
Trust Co. Intermediate Bond Fund 523,800 270,641 792,342 794,441 2,099
Equity Income II Fund 646,683 244,575 884,360 891,258 6,898
Aggressive Growth Fund 633,074 161,718 793,849 794,792 943
Money Market Portfolio 1,245,269 645,780 1,891,049 1,891,049
Managed Income Portfolio 609,197 322,954 932,151 932,151
* Rowan
Companies Rowan Companies Stock Fund 3,462,533 1,505,627 5,389,046 4,968,160 (420,886)
Inc.
</TABLE>
(1) Represents market value on transaction date.
* Party-in-interest
-9-
<PAGE> 13
INDEX TO EXHIBITS
<TABLE>
<CAPTION>
Exhibit
Number Description
- ------- -----------
<S> <C>
23.1 INDEPENDENT AUDITORS' CONSENT
</TABLE>
<PAGE> 1
EXHIBIT 23.1
INDEPENDENT AUDITORS' CONSENT
We consent to the incorporation by reference in Registration Statement No.
333-25041 of Rowan Companies, Inc. on Form S-8 of our report dated June 25,
1999, appearing in this Annual Report on Form 11-K of the Rowan Companies, Inc.
Savings and Investment Plan for the year ended December 31, 1998.
DELOITTE & TOUCHE LLP
DELOITTE & TOUCHE LLP
Houston, Texas
June 29, 1999
