EXHIBIT 99

Rowan Companies, Inc.
Investor Presentation

Forward Looking Statements

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. Among the
factors that could cause actual results to differ materially are the following:
oil, natural gas and other commodity prices; the level of offshore
expenditures by energy companies; energy demand; the general economy,
including inflation; weather conditions in the Company’s principal operating
areas; and environmental and other laws and regulations. Other relevant
factors have been disclosed in the Company’s filings with the U. S.
Securities and Exchange Commission.

2

Corporate Overview

Rowan Companies, Inc. is a major provider of international and domestic offshore

contract drilling services. The Company also owns and operates a manufacturing

division that produces equipment for the drilling, mining and timber industries.

•NYSE: RDC 

•Market Cap: $4.4 billion

•Headquarters: Houston, Texas

•Number of employees: ~5,000

3

Competitive Advantages

•International expansion 

–Rowan now generates over 50% of daily drilling revenue from foreign operations

•Synergistic manufacturing business

–Help maintain long-term differentiation as high capability driller and expand fleet with
     reduced risk

–New rig designs to exploit niche markets and weather industry downturns

•State-of-the-art equipment

–The highest specification jack-up fleet worldwide

•Operational excellence 

–Experienced leadership team & highly-skilled operating crew

•Loyal customer base

–Rated #1 overall in Total Customer Satisfaction*

*According to the 2006 Energy Point Research Drilling and Wellsite Contractors survey

4

2005

 2007 Est.

  2006

Offshore 63%

Revenue Breakdown

Offshore 60%

Offshore 57%

Manufacturing 

         27%

Land 10%

     Manufacturing                                             
29%

Land 11%

     Manufacturing                                             
32%

Land 11%

5

Rowan begins jack-up rig
drilling & enhancements to
its fleet

Rowan buys first
diesel electric rig

Rowan Drilling
Company founded by
brothers Charlie & Arch
Rowan

Rowan completes
initial public offering
on the American Stock
Exchange

LTI delivers
Rowan’s first Super
Gorilla class
jack-up rig

Rowan acquires synergistic
manufacturing subsidiary,
LeTourneau Technologies (LTI)

1984

Rowan & LeTourneau invent
the first cantilever jack-up
drilling rig, the Rowan Fort
Worth

Rowan’s first crew
sent to drill in
Alaska

Rowan brings in Simmons    
No. 1, starting an oil boom
in Wortham, TX

2004

LTI delivers
Rowan’s first 
Tarzan Class rig

1998

1994

1978

1976

1970

1967

1957

1954

Rowan undertakes
first
platform-mounted
drilling job in deep
water

1935

1924

1923

Rowan Corporate Timeline

Rowan listed on the New
York Stock Exchange 

LeTourneau delivers
the first harsh
environment jack-up,
the Rowan Gorilla

2006

2007

Rowan moves 4
jack-ups to the
Middle East

Rowan announces
construction of 6
new jack-ups

6

Average Land Day Rates

Average Jack-Up Day Rates
 
(Worldwide)

Rowan Rig Fleet

•3Q 2007 average day rate: $ 23,300

•3Q land rig utilization was 96%

•29 Land rigs currently operating in Texas, Louisiana,
        Oklahoma and Alaska

•19 of the 29 rigs are on term contracts

•Average Well Depth: 16,615’

Land 

Offshore

•3Q 2007 average day rate: $158,200 with offshore rig utilization
        of 99%

•2007: Own 8 of 39 high spec rigs( 2 million Lb. hook load) in the
        world

2011: Will own 17 of 48 high spec rigs in the world

•21 jack-up rigs working in the GOM, the Middle East, North Sea 
        and Trinidad

–17 premium cantilever jack-up rigs featuring 3 harsh environment 
      Gorilla class rigs, 4 enhanced Super Gorilla class rigs and 3 
      Tarzan class rigs

–4 conventional jack-up rigs, including 3 rigs with skid base
       capability

•Have capability of drilling to depths of up to 35,000 feet in water up to
        550 feet deep

7

2nd Quarter 2007

(Net Book Value per area)

4th Quarter 2006

The Middle East and the U.S. Gulf of Mexico are the
two dominant jack-up markets that utilize 50% of the
world fleet

Eastern Canada                  
13%

Middle East
 5%

North Sea                                           
29% 

U.S. Gulf of Mexico                
33%

Middle East
26%

U.S. Gulf of Mexico              
51%

North Sea                                           
39%

Trinidad                                           
2%

Trinidad                                           
2%

Rowan’s Worldwide Offshore Fleet

8

9

Average Age of Jack-up Fleet - by
Company

9

Contracted (368)

Not Contracted (42)

Worldwide Utilization: 90%

Forecasted Supply Deficit: 35 - 46 jack-ups

Mediterranean: 100%

C & S America: 88%

US GOM: 63%

Mexico: 100%

West Africa: 100%

North Sea: 100%

Middle East: 94%

SE Asia: 100%

19

52

31

2

36

25

87

6

41

15

30

Indian Ocean: 100%

33

Australia: 100%

3

Includes data supplied by ODS-Petrodata, Inc; Copyright 2007

Eastern Canada

410 Total jack-ups

Current Worldwide Jack-up Supply / Demand

12-14  rig deficit

1 rig deficit

3-4 rig deficit

2 rig deficit

2-4 rig deficit

4-7 rig deficit

7-9 rig deficit

2-3 rig deficit

2 rig deficit

10

9

34

29

8

• Approximately 90% of the current fleet is 20 years & older, 45% is 30 years old - attrition
will continue

Worldwide Jack-up Newbuilds

11

Why Build Additional Jack-Ups? 

•Meet customer demand while increasing
   shareholder value 

•Opportunity to expand our presence in the
   Middle East and North Sea and enter
   additional international markets

•Niche market jack-ups demand higher
   dayrates and higher utilization on a global
   basis  

•Investing for long-term growth

12

Middle East:
42 jack-ups

Middle East:
42 jack-ups

Migration INTO the region

Migration OUT of the region

Projected Demand 2007 - 2011: 77- 81 rigs

Global Migration of Jack-Ups in Next 4 Years

Eastern Canada:                        
1 jack-up

US GOM

Mexico:
        10-14 jack-ups

Trinidad:
1 jack-ups

Brazil:
    2 jack-ups

Argentina:
1 jack-up

North Sea:
2 jack-ups

Med / Black Sea :

 2 jack-ups

West Africa:
 12 jack-ups

Indian Ocean:

3 Rigs

SE Asia:
  Newbuild exit region

Australia:
2 jack-ups

ODS Petrodata

Sources: ODS-Petrodata, and Pareto Securities

13

• Diversify operations globally

• Grow drilling and manufacturing operations

• Reduce operating costs

• Deliver long-term shareholder value

Rowan’s Strategic Plan: 

14

Land Drilling

Manufacturing

• Grow land drilling fleet

• Become the leading high spec land driller

• Support offshore drilling division

• Continue build out of  LeTourneau

• Support expansion of offshore and land drilling

• Become clear #2 in oilfield drilling equipment    

  market

Offshore Drilling

• Aggressive jack-up fleet growth

• Become the leading high spec driller

• Double fleet in 10 years

• Assess strategic opportunities in 

  deep-water market 

• Rig or company acquisition

Strategic Plan

15

Drilling

•Strong global drilling market

•Excellent operational reputation

•Well-positioned in high specification offshore market

–Specialized expertise & equipment

•Own 8 of 38 high spec jack-ups out of total jack-up fleet
   of ~407

•2 million pound+ hook load 

–Provide high ROI

–Command higher day rates because can
    work in harsh environments

–Opportunity to grow jack-up fleet further

16

International Focus

•Strong relationships with jack-up operators world-wide

–28 operators employ 70% of global jack-up fleet

•Not dependent on Gulf of Mexico

–Deep gas could revive U.S. GOM Shelf in 2008, 2009

–Additional high-spec jack-ups could re-enter GOM if Deep Gas proves successful

•Strength in the Middle East

–Only company to mobilize 6 rigs without penalty, driven by operational excellence.

•Continued diversification of jack-up fleet to international markets (i.e. Middle
      East, Mediterranean, North Sea, South America, West Africa) 

•Strong demand in the Middle East will continue to drive the global jack-up
      market

•Demand in the North Sea will continue to attract high spec jack-ups

17

Rowan’s Offshore Fleet 2011 - 30 Total Jack-ups

Gorilla Class                 
3 Rigs

10%

300-350’ 116-C              
7 Rigs

23%

350’ Slot               
2 Rigs
7%

250’- 300’Slot                         
2 Rigs

7%

TARZAN Class
4 Rigs       
13%

Super Gorilla Class                
4 Rigs
13%

240-C 4
Rigs       

13%

375’116-C 4
Rigs       
13%

18

2005: 20 jack-ups
2007: 21 jack-ups
2011: 30 jack-ups

Total Fleet

Rowan’s Worldwide Drilling Operations

West Africa
2011 - 2-3 jack-ups

Middle East 
2007 - 8 Jack-ups
2011 - 15-17 jack-ups

Mediterranean
2011 - 3 jack-ups

North Sea2005 - 2 Jack-ups
2007 - 3 Jack-ups
2011 - 4-5 jack-ups

Eastern Canada2005 - 1
jack-up

U.S. Gulf of Mexico2005- 17 Jack-ups
2007- 9 Jack-ups
2011- 3-4 Jack-ups

Mexico2011 - 2 jack-ups

Trinidad
2007 - 1 Jack-up
2011 - 2 Jack-ups

19

Mining Products

Drilling Systems

Power Systems

Forestry Products

Steel Products

Offshore Products

LeTourneau Technologies, Inc.

Land Products

20

LTI Products

•Top Drives  (World’s First A/C Direct Drive Top Drive)

–Direct Drive

–L-ddtd-250 - L-ddtd-1000

•Drawworks

–Conventional Chain Driven

–Ldw550k - Ldw4500

•Mud Pumps (First to use single balanced crankshaft) 

–W446- W-3000 (largest mud pump in the world)

•AC Drives (Beginning at 400 horsepower)

•SCR Drives 

•Controls

•Motors (Patented Bull Shaft Accommodates1150hp and 1500hp Models)

–400 HP - 2200HP

•Rotary Tables

•Swivels

•Traveling Equipment

21

Business Unit Synergy

OFFSHORE DRILLING> Manufacturing division increases fleet capability for high spec, 

   high dayrate markets, and lowers rig life cycle costs

LAND DRILLING> Manufacturing division cost effectively grows high spec fleet

MANUFACTURING > Offshore and land divisions accelerate manufacturing growth and 

> > Land drilling division provides crews

  Prototypes, accelerates growth

Newbuild speed, flexibility and cost benefit

Offshore Drilling

Manufacturing

Land Drilling

enterprise value creation

22

Forestry & Mining

Mining Distribution

Forestry Distribution

Drilling Products Distribution

LeTourneau Technologies, Inc. - Worldwide Operations

23

Consolidated Revenue         
(In Millions)

Financial Performance

Consolidated EBITDA          
(In Millions)

24

1.1%

1.0%

1.1%

0.8%

0.7%

0.6%

0.3%

0.9%

0.6%

One of the Highest Dividend Yields in the OSX
10/31/07

Note: Does not include special dividends

25

State-of-the-art
Equipment

Experienced and loyal
workforce

International
Expansion &
Diversification

Loyal Customer Base

Synergistic
Manufacturing
Business

Strong Financial
Performance &
Balance Sheet

Operational Excellence

Attractive Valuation

Investment Highlights

26

Rowan Companies, Inc.
Investor Presentation

27

Forward Looking Statements

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. Among the
factors that could cause actual results to differ materially are the following:
oil, natural gas and other commodity prices; the level of offshore
expenditures by energy companies; energy demand; the general economy,
including inflation; weather conditions in the Company’s principal operating
areas; and environmental and other laws and regulations. Other relevant
factors have been disclosed in the Company’s filings with the U. S.
Securities and Exchange Commission.

28

Why Build Additional Jack-Ups? 

•Meet customer demand while increasing
   shareholder value 

•Opportunity to expand our presence in the 
   Middle East and North Sea and enter
   additional international markets

•Niche market jack-ups demand higher
   dayrates and higher utilization on a global
   basis  

•Investing for long-term growth

29

High Spec Jack-Ups Will Be Required To Meet
The Operational Challenges Of The Future

30

High Spec Jack-Ups Will Be Required To Meet
The Operational Challenges Of The Future

31

LTI Products

•Top Drives  (World’s First A/C Direct Drive Top Drive)

–Direct Drive

–L-ddtd-250 - L-ddtd-1000

•Drawworks

–Conventional Chain Driven

–Ldw550k - Ldw4500

•Mud Pumps (First to use single balanced crankshaft 

–W446- W-3000 (largest mud pump in the world)

•AC Drives (Beginning at 400 horsepower)

•SCR Drives 

•Controls

•Motors (Patented Bull Shaft Accommodates1150hp and 1500hp Models)

–400 HP - 2200HP

•Rotary Tables

•Swivels

•Traveling Equipment

32

2005: 20 jack-ups
2007: 21 jack-ups
2011: 30 jack-ups

Total Fleet

Rowan’s Worldwide Drilling Operations

West Africa
2011 - 2-3 jack-ups

Middle East 
2007 - 8 Jack-ups
2011 - 15-17 jack-ups

Mediterranean
2011 - 3 jack-ups

North Sea2005 - 2 Jack-ups
2007 - 3 Jack-ups
2011 - 4-5 jack-ups

Eastern Canada2005 - 1 jack-up

U.S. Gulf of Mexico2005- 17 Jack-ups
2007- 9 Jack-ups
2011- 3-4 Jack-ups

Mexico2011 - 2 jack-ups

Trinidad
2007 - 1 Jack-up
2011 - 2 Jack-ups

33

$

$138,125

$98,872

$76,430

$75,259

Average Utilizations and Dayrates

Average Dayrate - Current

Average Dayrate - 2004-2007*

U.S. Gulf of Mexico

$

$152,500

$131,893

$109,781

$84,644

Middle East

$

$17
$220,000
              
8,879

$170,302

$110,218

North Sea

% Utilization

* Middle East statistics are for 2006-2007

34

State-of-the-art
Equipment

Experienced and loyal
workforce

International
Expansion &
Diversification

Loyal Customer Base

Synergistic
Manufacturing
Business

Strong Financial
Performance &
Balance Sheet

Operational Excellence

Attractive Valuation

Investment Highlights

35