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ROWAN COMPANIES, INC., ANNOUNCES IMPROVED BUSINESS CONDITIONS

 HOUSTON, Sept. 30 /PRNewswire/ -- Rowan Companies, Inc. (NYSE: RDC), announced that improved business conditions will result in a profitable third quarter. Revenues should exceed $104 million as compared to the second quarter of 1993 of $82.1 million and $70.6 million in the third quarter of 1992.
 The principal increases will be from drilling revenues in the Gulf of Mexico.
 The company expects to report a third quarter net profit in the range of $6 million to $8 million as compared to the second quarter loss of $8.2 million and a year earlier third quarter loss of $14.2 million.
 Cash and receivables are expected to approach $190 million as compared to $172.8 million at June 30, 1993.
 C.R. Palmer, chairman and CEO, commented, "The near-term outlook continues to be uncertain; however, it appears positive financial results will be possible for the fourth quarter."
 Rowan Companies, Inc. is a major provider of international and domestic offshore contract drilling and helicopter services. The company's common stock is traded on the New York Stock Exchange and the Pacific Stock Exchange. The common stock trading symbol is "RDC."
 -0- 9/30/93
 /CONTACT: E.E. Thiele of Rowan Companies, Inc., 713-621-7800/
 (RDC)


CO: Rowan Companies, Inc. ST: Texas IN: OIL SU: ERP

TW -- NY038 -- 7225 09/30/93 11:12 EDT
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Publication:PR Newswire
Date:Sep 30, 1993
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