X010142003-04-25085408 ROWAN COMPANIES INCRDC1183344 FOX WILLIAM T III 1000Option (Right to Buy)21.192003-04-252003-05-064A060000A2004-04-252013-04-25Common Stock60006000DThis Option was granted April 25, 2003 under the Rowan Companies, Inc. 1998 Nonemployee Directors Stock Option Plan in a transaction exempt under Rule 16b-3. This option, which was acknowledged and accepted by the Reporting Person on May 6, 2003, becomes 100% exercisable one year from the date of grant. /s/ Mark Hay *** See Power of Attorney Attached2003-05-06