X0202 4 2005-05-10 0 0000085408 ROWAN COMPANIES INC RDC 0001183347 MCNEASE DANIEL F 2800 POST OAK BLVD SUITE 5450 HOUSTON X1 77056-6127 1 1 0 0 Chairman, President and CEO Common Stock 2005-05-10 4 C 0 35556 14.0625 A 156823 D Common Stock 2005-05-10 4 M 0 35079 13.12 A 191902 D Common Stock 2005-05-10 4 M 0 12500 15.25 A 204402 D Common Stock 2005-05-10 4 M 0 15000 19.625 A 219402 D Common Stock 2005-05-10 4 M 0 50000 21.19 A 269402 D Common Stock 2005-05-10 4 S 0 197579 27.5615 D 71823 D Debenture due 2009 14.0625 2005-05-10 4 C 0 35556 0 D 2000-05-22 2009-05-22 Common Stock 35556 0 D Option (Right to Buy) 13.12 2005-05-10 4 M 0 35079 0 D 2002-09-20 2011-09-20 Common Stock 35079 11693 D Option (Right to Buy) 15.25 2005-05-10 4 M 0 12500 0 D 1997-04-25 2006-04-25 Common Stock 12500 0 D Option (Right to Buy) 19.625 2005-05-10 4 M 0 15000 0 D 1998-04-25 2007-04-25 Common Stock 15000 0 D Option (Right to Buy) 21.19 2005-05-10 4 M 0 50000 0 D 2004-04-25 2013-04-25 Common Stock 50000 250000 D Reflects the Reporting Person's aggregated directly-owned and indirectly-owned shares (8,580), the latter being shares in the Rowan Common Stock Fund under the Company's 401(k) plan (a unitized plan) at April 30, 2005, such number of shares, which fluctuate, 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 May 10, 2005, the Reporting person converted $500,000 principal amount of Series B floating Rate Convertible Subordinated Debenture due 2009 (the "Debenture") into 500 shares of Series B Preferred Stock (the "Preferred Stock") at a conversion price of $1,000 per share of Preferred Stock, which Preferred Stock was then converted into 35,556 shares of Common Stock at a conversion ratio equal to the $500,000 principal amount of Debenture divided by the per share conversion price shown in column 2, or $14.0625. Column 9 reflects that this debenture has been fully converted. This Option vests in four installments on September 20, 2002, 2003, 2004 and 2005 with the first three being exercised herein. This Option vested in four installments on April 25, 1997, 1998, 1999 and 2000. This Option vested in four installments on April 25, 1998, 1999, 2000 and 2001. This Option vests in four installments on April 25, 2004, 2005, 2006 and 2007 with 50,000 shares of the first being exercised herein. /s/ Daniel F. McNease 2005-05-11