<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:
LETOURNEAU, 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 LeTourneau, 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.
LETOURNEAU, INC. SAVINGS
AND INVESTMENT PLAN
By: LETOURNEAU, Inc. Savings
And Investment Plan
Administrative Committee:
/s/ CHARLES H. BELLATI June 29, 1999
------------------------
Charles H. Bellati
/s/ JACK W. MCELROY June 29, 1999
------------------------
Jack W. McElroy
/s/ S. MARIA NARISI June 29, 1999
------------------------
S. Maria Narisi
/s/ E. E. THIELE June 29, 1999
------------------------
E. E. Thiele
<PAGE> 2
APPENDIX 1
LETOURNEAU, 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
LETOURNEAU, 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
LeTourneau, Inc. Savings and Investment Plan:
We have audited the accompanying statements of net assets available for benefits
of the LeTourneau, 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
LETOURNEAU, 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 FIDELITY INTERMEDIATE EQUITY AGGRESSIVE MONEY
PURITAN MAGELLAN BOND INCOME II GROWTH MARKET
FUND FUND FUND FUND FUND PORTFOLIO
<S> <C> <C> <C> <C> <C> <C>
ASSETS:
Cash
Investments - at fair value $ 5,437,671 $ 9,237,415 $ 1,916,264 $ 847,022 $ 852,576 $ 7,659,369
Receivables:
Contributions:
Employee 31,532 55,196 15,330 10,695 13,307 48,070
Employer 11,661 20,255 5,455 3,889 4,819 17,132
Unsettled sales
----------- ----------- ----------- ----------- ----------- -----------
TOTAL ASSETS 5,480,864 9,312,866 1,937,049 861,606 870,702 7,724,571
LIABILITIES - Payable for
unsettled purchases
----------- ----------- ----------- ----------- ----------- -----------
NET ASSETS AVAILABLE
FOR BENEFITS $ 5,480,864 $ 9,312,866 $ 1,937,049 $ 861,606 $ 870,702 $ 7,724,571
=========== =========== =========== =========== =========== ===========
<CAPTION>
SUPPLEMENTAL INFORMATION BY FUND
--------------------------------
FIDELITY ROWAN
MANAGED COMPANIES
INCOME STOCK
PORTFOLI FUND TOTAL
<S> <C> <C> <C>
ASSETS:
Cash $ 32,619 $ 32,619
Investments - at fair value $ 4,654,394 645,750 31,250,461
Receivables:
Contributions:
Employee 28,637 9,244 212,011
Employer 9,956 3,585 76,752
Unsettled sales 26,722 26,722
----------- ---------- -----------
TOTAL ASSETS 4,692,987 717,920 31,598,565
LIABILITIES - Payable for
unsettled purchases 23,406 23,406
----------- ---------- -----------
NET ASSETS AVAILABLE .
FOR BENEFITS $ 4,692,987 $ 694,514 $31,575,159
=========== ========== ===========
</TABLE>
See notes to financial statements.
- 2 -
<PAGE> 6
LETOURNEAU, 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 FIDELITY INTERMEDIATE EQUITY AGGRESSIVE MONEY
PURITAN MAGELLAN BOND INCOME II GROWTH MARKET
FUND FUND FUND FUND FUND PORTFOLIO
<S> <C> <C> <C> <C> <C> <C>
ASSETS:
Cash
Investments - at fair value $ 4,519,355 $ 6,441,752 $ 1,787,931 $ 380,722 $ 330,349 $ 7,192,142
Receivables:
Contributions:
Employee 30,329 42,198 16,476 6,899 6,805 50,926
Employer 11,311 15,522 6,015 2,564 2,503 18,402
Unsettled sales
----------- ----------- ----------- ----------- ----------- -----------
TOTAL ASSETS 4,560,995 6,499,472 1,810,422 390,185 339,657 7,261,470
LIABILITIES - Payable for
unsettled purchases
----------- ----------- ----------- ----------- ----------- -----------
NET ASSETS AVAILABLE
FOR BENEFITS $ 4,560,995 $ 6,499,472 $ 1,810,422 $ 390,185 $ 339,657 $ 7,261,470
=========== =========== =========== =========== =========== ===========
<CAPTION>
SUPPLEMENTAL INFORMATION BY FUND
--------------------------------
FIDELITY ROWAN
MANAGED COMPANIES
INCOME STOCK
PORTFOLIO FUND TOTAL
<S> <C> <C> <C>
ASSETS:
Cash $ 96,860 $ 96,860
Investments - at fair value $ 4,522,778 509,765 25,684,794
Receivables:
Contributions:
Employee 28,733 4,247 186,613
Employer 10,305 1,554 68,176
Unsettled sales 17,287 17,287
----------- ----------- -----------
TOTAL ASSETS 4,561,816 629,713 26,053,730
LIABILITIES - Payable for
unsettled purchases 88,416 88,416
----------- ----------- -----------
NET ASSETS AVAILABLE
FOR BENEFITS $ 4,561,816 $ 541,297 $25,965,314
=========== =========== ===========
</TABLE>
See notes to financial statements.
- 3 -
<PAGE> 7
LETOURNEAU, 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 FIDELITY INTERMEDIATE EQUITY AGGRESSIVE MONEY
PURITAN MAGELLAN BOND INCOME II GROWTH MARKET
FUND FUND FUND FUND FUND PORTFOLIO
<S> <C> <C> <C> <C> <C> <C>
ADDITIONS:
Net appreciation (depreciation)
in investments $ 217,449 $ 1,849,555 $ 18,273 $ 50,032 $ 169,693
Investment income 551,735 422,456 113,009 76,939 51,401 $ 384,866
Contributions:
Employee 427,391 721,110 209,871 152,524 164,776 652,521
Employer 156,172 263,790 74,651 52,225 58,896 225,742
Other
----------- ----------- ----------- ----------- ----------- -----------
Total additions 1,352,747 3,256,911 415,804 331,720 444,766 1,263,129
----------- ----------- ----------- ----------- ----------- -----------
DEDUCTIONS:
Employee withdrawals 270,890 297,503 102,312 32,052 19,124 799,228
Net employee forfeitures 15,616 13,621 4,233 8,461 1,659 (47,874)
Other 2,407
----------- ----------- ----------- ----------- ----------- -----------
Total deductions 286,506 311,124 106,545 40,513 23,190 751,354
----------- ----------- ----------- ----------- ----------- -----------
INTERFUND TRANSFERS (146,372) (132,393) (182,632) 180,214 109,469 (48,674)
----------- ----------- ----------- ----------- ----------- -----------
INCREASE IN NET ASSETS
AVAILABLE FOR BENEFITS 919,869 2,813,394 126,627 471,421 531,045 463,101
NET ASSETS AVAILABLE
FOR BENEFITS:
Beginning of year 4,560,995 6,499,472 1,810,422 390,185 339,657 7,261,470
----------- ----------- ----------- ----------- ----------- -----------
End of year $ 5,480,864 $ 9,312,866 $ 1,937,049 $ 861,606 $ 870,702 $ 7,724,571
=========== =========== =========== =========== =========== ===========
<CAPTION>
SUPPLEMENTAL INFORMATION BY FUND
--------------------------------
FIDELITY ROWAN
MANAGED COMPANIES
INCOME STOCK
PORTFOLIO FUND TOTAL
<S> <C> <C> <C>
ADDITIONS:
Net appreciation (depreciation)
in investments $ (541,793) $ 1,763,209
Investment income $ 262,978 1,743 1,865,127
Contributions:
Employee 384,504 174,661 2,887,358
Employer 131,033 39,442 1,001,951
Other
----------- ----------- -----------
Total additions 778,515 (325,947) 7,517,645
----------- ----------- -----------
DEDUCTIONS:
Employee withdrawals 363,142 21,142 1,905,393
Net employee forfeitures 2,339 1,945 --
Other 2,407
----------- ----------- -----------
Total deductions 365,481 23,087 1,907,800
----------- ----------- -----------
INTERFUND TRANSFERS (281,863) 502,251 --
----------- ----------- -----------
INCREASE IN NET ASSETS
AVAILABLE FOR BENEFITS 131,171 153,217 5,609,845
NET ASSETS AVAILABLE
FOR BENEFITS:
Beginning of year 4,561,816 541,297 25,965,314
----------- ----------- -----------
End of year $ 4,692,987 $ 694,514 $31,575,159
=========== =========== ===========
</TABLE>
See notes to financial statements.
- 4 -
<PAGE> 8
LETOURNEAU, 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 LeTourneau, 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 employees of LeTourneau, Inc. and
LeTourneau Sales and Service Company (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- or after-tax basis. The Company makes a matching
contribution equal to 50% of a participant's basic, pre-tax 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 stock of
Rowan Companies, Inc., the Company's parent ("Rowan").
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 December 31, 1998 and 1997, Plan
assets included approximately $78,000 and $32,000, respectively, of
distributions payable to current and 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. Rowan 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.
- 6 -
<PAGE> 10
3. TAX STATUS OF THE PLAN
The Internal Revenue Service has determined and informed the Company by a
letter dated February 13, 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 Rowan. 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 36% at
December 31, 1998 and 61% 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.
******
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<PAGE> 11
LETOURNEAU, 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 $ 4,701,256 $ 5,437,671
* Fidelity Management Trust Co. Magellan Fund 6,366,046 9,237,415
* Fidelity Management Trust Co. Intermediate Bond Fund 1,872,859 1,916,264
* Fidelity Management Trust Co. Equity Income II Fund 795,072 847,022
* Fidelity Management Trust Co. Aggressive Growth Fund 723,627 852,576
* Fidelity Management Trust Co. Money Market Portfolio 7,659,369 7,659,369
* Fidelity Management Trust Co. Managed Income Portfolio 4,654,394 4,654,394
* Rowan Companies, Inc. Rowan Companies Stock 1,124,103 645,750
------------ ------------
Total $ 27,896,726 $ 31,250,461
============ ============
</TABLE>
* Party-in-interest
- 8 -
<PAGE> 12
LETOURNEAU, 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 $ 1,539,447 $ 838,580 $ 2,305,136 $ 2,378,027 $ 72,891
Management Magellan Fund 2,385,328 1,439,220 3,635,035 3,824,548 189,513
Trust Co. Intermediate Bond Fund 507,614 397,554 898,009 905,168 7,159
Equity Income II Fund 768,742 352,475 1,116,834 1,121,217 4,383
Aggressive Growth Fund 452,066 99,532 551,843 551,598 (245)
Money Market Portfolio 2,933,198 2,465,971 5,399,169 5,399,169
Managed Income Portfolio 1,025,854 894,237 1,920,091 1,920,091
* 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.
333-25125 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 LeTourneau, Inc.
Savings and Investment Plan for the year ended December 31, 1998.
DELOITTE & TOUCHE LLP
DELOITTE & TOUCHE LLP
Houston, Texas
June 29, 1999
