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ROWAN COMPANIES, INC. ANNOUNCES OFFERING OF 10 MILLION SHARES OF COMMON STOCK

 HOUSTON, April 27 /PRNewswire/ -- Rowan Companies, Inc. (NYSE,PSE: RDC) announced today that it has filed a registration statement with the Securities and Exchange Commission relating to a proposed public offering by Rowan of 10 million shares of common stock. Lehman Brothers will serve as sole manager for the proposed offering.
 The net proceeds to Rowan from the sale of the common stock are expected to be used to provide working capital to expand the company's turnkey drilling operations and for general corporate purposes.
 A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This announcement shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.
 Copies of the offering prospectus may be obtained from Lehman Brothers, World Financial Center, American Express Tower, 200 Vesey St., New York, New York, 10285-1600.
 Rowan Companies, Inc. serves the petroleum industry as a contract driller, onshore and offshore in domestic and international areas, and operates a fleet of charter helicopters and fixed-wing aircraft. The company's stock is traded on the New York Stock Exchange and the Pacific Stock Exchange.
 -0- 4/27/93
 /CONTACT: E.E. Thiele of Rowan Companies, Inc., 713-621-7800/
 (RDC)


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

SM -- NY107 -- 1514 04/27/93 15:23 EDT
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Publication:PR Newswire
Date:Apr 27, 1993
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