X0303 4 2011-03-02 0 0000085408 ROWAN COMPANIES INC RDC 0001183395 WELLS WILLIAM H 2800 POST OAK BLVD SUITE 5450 HOUSTON TX 77056 0 1 0 0 SVP & CFO Common Stock 2011-03-02 4 M 0 5025 21.19 A 92212 D Common Stock 2011-03-02 4 S 0 7368 42.8564 D 84844 D Employee stock option (right to buy) 21.19 2011-03-02 4 M 0 5025 0.00 D 2004-04-25 2013-04-25 Common Stock 5025 0 D Includes 43,745 restricted shares and 13,097 shares held in the savings plan by the reporting person. This transaction was executed in multiple trades at prices ranging from $42.77 to $42.96. The price reported above reflects the average sales price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected. This option vested in four annual installments commencing on April 25, 2004. /s/ Melanie M. Trent, Attorney-in-Fact 2011-03-03