X0101 4 2003-06-16 0 0000085408 ROWAN COMPANIES INC RDC 0001183349 PALMER CHARLES ROBERT 1 0 0 0 Common Stock 2003-06-16 4 M 0 5600 13.12 A 561868 D Common Stock 2003-06-16 4 G 0 5600 13.12 D 556268 D Option (Right to Buy) 13.12 2003-06-16 4 M 0 5600 0 D 2003-04-26 2012-04-26 Common Stock 5600 132944 D Reflects the Reporting Person’s aggregated directly-owned shares (545,889) and indirectly-owned shares (10,379),the latter being shares in the Rowan Common Stock Fund under the Company’s 401(k) plan (a unitized plan) at May 31, 2003, such number of shares, which fluctuates, being calculated as equivalent values based upon the value of the total units divided by the corresponding closing price of the underlying Rowan Common Stock on that date. Options granted April 26, 2002 under the Rowan Companies, Inc. 1988 Stock Option Plan (a Rule 16b-3 Plan), such options being exercisable 25% for each year from date of grant. The amount in Column 9 reflects the unexercised portion of this particular grant. Charles Robert Palmer 2003-06-17