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ROWAN COMPANIES ANNOUNCES REDEMPTION OF 13-3/4 PERCENT SENIOR NOTES DUE 1996

 ROWAN COMPANIES ANNOUNCES REDEMPTION OF
 13-3/4 PERCENT SENIOR NOTES DUE 1996
 HOUSTON, Dec. 12 /PRNewswire/ -- Rowan Companies, Inc. (NYSE: RDC) announced today that it has called for redemption of all its 13-3/4 percent senior notes due July 15, 1996.
 The notes will be redeemed on Jan. 13, 1992, at 103 percent of the principal amount thereof, plus accrued interest from July 15, 1991, to the redemption date.
 The notes will become due and payable on the redemption date. Payment of the redemption price, plus accrued interest on the notes to the redemption date, will be made upon presentation and surrender of such notes at the offices of Bankers Trust Company, mailing address: P.O. Box 2579, Church Street Station, New York, N.Y., 10008, Attention: Corporate Trust and Agency Group; street address: 123 Washington St., First Floor, New York, N.Y., 10006, Attention: Corporate Trust and Agency Group.
 On and after Jan. 13, 1992, interest will cease to accrue on the notes. The notes will no longer be outstanding on and after Jan. 13, 1992, and all rights with respect thereto will cease, except only the right of holders thereof to receive the redemption price and accrued interest to the redemption date.
 The company will redeem the notes using $128.75 million of the net proceeds from the public offering of the company's 11-7/8 percent senior notes due 2001, which offering closed on Dec. 12, 1991.
 Rowan Companies, Inc. is a major provider of international and domestic offshore contract drilling services to the petroleum industry. The company also provides contract and charter helicopter and fixed-wing aircraft services, primarily in Alaska and the Gulf of Mexico. The company's stock is traded on the New York Stock Exchange and the Pacific Stock Exchange.
 -0- 12/12/91
 /CONTACT: E.E. Thiele of Rowan Companies, 713-621-7800/
 (RDC) CO: Rowan Companies, Inc. ST: Texas IN: OIL SU:


CK -- NY038 -- 1903 12/12/91 11:28 EST
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Publication:PR Newswire
Date:Dec 12, 1991
Words:325
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