X0202 4 2005-05-17 0 0000085408 ROWAN COMPANIES INC RDC 0001314253 Russell David Paul 2800 POST OAK BLVD. SUITE 5450 HOUSTON TX 77056-6127 0 1 0 0 Vice President-Drilling Common Stock 2005-05-17 4 A 0 6100 0 A 7013 D Option (Right to Buy) 24.98 2005-05-17 4 A 0 13100 0 A 2006-05-17 2015-05-17 Common Stock 13100 13100 D Reflects the Reporting Person's aggregated directly-owned and indirectly-owned shares (913), 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 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. This option, which was granted May 17, 2005 under the 2005 Rowan Companies, Inc. Long-Term Incentive Plan, vests in four equal installments beginning on May 17, 2006. /s/ David P. Russell 2005-05-19