X0202 4 2007-08-08 0 0000085408 ROWAN COMPANIES INC RDC 0001183342 CROYLE ROBERT G 2800 POST OAK BLVD SUITE 5450 HOUSTON TX 77056 1 0 0 0 Common Stock 2007-08-08 4 S 0 900 38.779 D 74058 D Common Stock 2007-08-08 4 S 0 300 38.789 D 73759 D Common Stock 2007-08-08 4 S 0 1064 38.84 D 72694 D Common Stock 2007-08-08 4 S 0 1800 38.85 D 70894 D Common Stock 2007-08-08 4 S 0 1400 38.86 D 69494 D Common Stock 2007-08-08 4 S 0 236 38.87 D 69258 D Common Stock 2007-08-08 4 S 0 200 38.89 D 69058 D Common Stock 2007-08-08 4 S 0 200 38.90 D 68858 D Common Stock 2007-08-08 4 S 0 200 38.91 D 68658 D Common Stock 2007-08-08 4 S 0 900 38.93 D 67758 D Common Stock 2007-08-08 4 S 0 1500 38.94 D 66258 D Common Stock 2007-08-08 4 S 0 3700 38.95 D 62558 D Common Stock 2007-08-08 4 S 0 1100 38.96 D 61458 D Common Stock 2007-08-08 4 S 0 100 38.965 D 61358 D Common Stock 2007-08-08 4 S 0 2000 38.97 D 59358 D Common Stock 2007-08-08 4 C 0 35009 28.25 A 94367 D Common Stock 2007-08-08 4 C 0 16807 29.75 A 111174 D Common Stock 2007-08-08 4 M 0 60000 32.00 A 171174 D Common Stock 2007-08-08 4 M 0 23300 24.98 A 194474 D Common Stock 2007-08-08 4 S 0 200 38.98 D 194274 D Common Stock 2007-08-08 4 S 0 100 38.99 D 194174 D Common Stock 2007-08-08 4 S 0 100 38.995 D 194074 D Common Stock 2007-08-08 4 S 0 600 38.999 D 193474 D Common Stock 2007-08-08 4 S 0 1825 39.00 D 191649 D Common Stock 2007-08-08 4 S 0 100 39.005 D 191549 D Common Stock 2007-08-08 4 S 0 500 39.009 D 191049 D Common Stock 2007-08-08 4 S 0 2975 39.01 D 188074 D Common Stock 2007-08-08 4 S 0 200 39.029 D 187874 D Common Stock 2007-08-08 4 S 0 500 39.03 D 187374 D Common Stock 2007-08-08 4 S 0 2700 39.05 D 184674 D Convertible Debenture 28.25 2007-08-08 4 C 0 989000.00 0.00 D 2001-04-27 2010-04-27 Common Stock 35009 0 D Convertible Debenture 29.75 2007-08-08 4 C 0 500000.00 0.00 D 1999-04-24 2008-04-24 Common Stock 16807 0 D Employee stock option (right to buy) 32.00 2007-08-08 4 M 0 60000 0.00 D 2002-04-26 2011-04-26 Common Stock 60000 0 D Employee stock option (right to buy) 24.98 2007-08-08 4 M 0 23300 0.00 D 2006-05-17 2015-05-17 Common Stock 23300 0 D This transaction relates to the conversion of a $989,000 convertible debenture issued on April 27, 2000. Such debenture became exercisable in four equal annual installments commencing on the anniversary date of grant and had a ten year term. This transaction relates to the conversion of a $500,000 convertible debenture issued on April 24, 1998. Such debenture became exercisable in four equal annual installments commencing on the anniversary date of grant and had a ten year term. This option vested in four equal annual installments commencing on April 26, 2002. This terms of this option provided for vesting in four annual installments commencing on May 17, 2006; however, upon the reporting person's retirement from the company, the vesting of all remaining unvested stock options held by the reporting person was accelerated to December 31, 2006. /s/ Melanie M. Trent, Attorney-in-Fact 2007-08-10