X0202 4 2004-07-20 0 0000085408 ROWAN COMPANIES INC RDC 0001183349 PALMER CHARLES ROBERT 2800 POST OAK BLVD SUITE 5450 HOUSTON TX 77056-6127 1 0 0 0 Common Stock 2004-07-20 4 S 0 23000 25.5 D 533259 D Common Stock 2004-07-21 4 S 0 173700 25.5491 D 359559 D Common Stock 2004-07-22 4 C 0 711111 6.75 A 1070670 D Debenture due 2004 6.75 2004-07-22 4 C 0 162962 0 D 1995-11-30 2004-11-30 Common Stock 162962 548149 D Debenture due 2004 6.75 2004-07-22 4 C 0 177777 0 D 1996-11-30 2004-11-30 Common Stock 177777 370372 D Debenture due 2004 6.75 2004-07-22 4 C 0 177777 0 D 1997-11-30 2004-11-30 Common Stock 177777 192595 D Debenture due 2004 6.75 2004-07-22 4 C 0 192595 0 D 1998-11-30 2004-11-30 Common Stock 192595 0 D Reflects the Reporting Person's aggregated directly-owned and indirectly-owned shares (10,370), the latter being shares in the Rowan Common Stock Fund under the Company's 401(k) plan (a unitized plan) at June 30, 2004, 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. On July 22, 2004, the Reporting person converted $4,800,000 principal amount of Series III floating Rate Convertible Subordinated Debenture due 2004 (the "Debenture") into 711,111 shares of Series III Preferred Stock (the "Preferred Stock") at a conversion price of $1,000 per share of Preferred Stock, which Preferred Stock was the converted into 4,800 shares of Common Stock at a conversion ratio equal to the $4,800,000 principal amount of Debenture divided by the per share conversion price shown in column 2, or $6.75. Column 9 reflects that this debenture has been fully converted. /s/ Charles Robert Palmer 2004-07-22