X0202 5 2005-02-25 0 0 1 0000085408 ROWAN COMPANIES INC RDC 0001183346 LENTZ HENRY E 2800 POST OAK BLVD SUITE 5450 HOUSTON TX 77056 1 0 0 0 Restricted Stock Unit 2005-02-25 4 A 0 L 171 0.00 A Common Stock 7700 7871 D Each restricted stock unit (RSU) represents a contingent right to receive one share of the Issuer's common stock. The grant reported represents RSUs accrued in connection with cash dividends declared by the Issuer on its common stock as a result of certain dividend equivalent rights associated with the reporting person's existing RSUs. Dividends were paid on the RSUs as follows: February 25, 2005 - 25 RSUs; September 1, 2005 - 40 RSUs; February 24, 2006 - 36 RSUs; May 26, 2006 - 21 RSUs; August 18, 2006 - 25 RSUs; and November 29, 2006 - 24 RSUs. Vested shares are delivered to the reporting person after the final termination date of the reporting person's service as a director. At the election of the Compensation Committee, such payment may be made in cash or common stock of the Issuer. /s/ Melanie M. Trent by power of attorney 2007-02-13