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ROWAN COMPANIES, INC. REPORTS FINANCIAL RESULTS FOR YEAR END

     ROWAN COMPANIES, INC. REPORTS FINANCIAL RESULTS FOR YEAR END
    HOUSTON, Jan. 15 /PRNewswire/ -- Rowan Companies, Inc. (NYSE,PSE: RDC) reported unaudited financial results for the year ended Dec. 31, 1991.  The net loss for 1991 amounted to $44,368,000, $.61 per share compared to a net income of $1,959,000, $.03 per share in 1990. The net loss for the fourth quarter of 1991 was $17,757,000, $.24 per share comparing to a net income of $2,929,000, $.04 per share in the same period of 1990.  Upon receiving the proceeds from the sale of the 11-7/8 percent senior notes in December, the company called for the retirement of the 13-3/4 percent senior notes.  As a result, the net loss for the fourth quarter of 1991 and the year 1991 included a one time extraordinary charge of $5,627,000, $.08 per share.
    C.R. Palmer, chairman and president, commented, "The near term outlook for our business is extremely uncertain.  If business conditions improve, we are ready.  If business conditions worsen, we are prepared."
    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.
                        ROWAN COMPANIES, INC.
                 Consolidated Statement of Operations
       (Dollars in thousands except per share amounts - unaudited
    Period ended                Three Months        Year Ended
      Dec. 31                   1990     1991      1990    1991
    Revenues:
     Drilling operations     $52,826  $46,821   $180,118 $170,739
     Aircraft operations      22,878   20,530    111,992  101,433
      Total                   75,704   67,351    292,110  272,172
    Costs and expenses:
     Drilling operations      34,837   39,797    130,845  147,853
     Aircraft operations      20,437   18,765     88,182   82,364
     Depreciation, depletion
      and amortization        12,996   12,722     50,702   52,954
     General and
      administrative           2,618    3,147      9,549   11,739
      Total                   70,888   74,431    279,278  294,910
    Income (loss) from
     operations                4,816   (7,080)    12,832  (22,738)
    Other income (expense):
     Interest expense         (5,337)  (5,957)   (21,601) (21,379)
     Gain on disposals of
      property and equipment   1,698       18      3,996    1,660
     Interest income           1,957    1,037      8,635    4,763
     Other-net                    44       13        178      127
      Other income (expense) -
       net                    (1,638)  (4,889)    (8,792) (14,829)
    Income (loss) before
     income taxes              3,178  (11,969)     4,040  (37,567)
     Provision for income
      taxes                      249      161      2,081    1,174
    Net income (loss) before
     extraordinary charge      2,929  (12,130)     1,959  (38,741)
    Extraordinary charge from
     early retirement of
     13-3/4 percent senior notes,
     net of income taxes         --     5,627        --     5,627
    Net income (loss)         $2,929 $(17,757)    $1,959 $(44,368)
    Earnings (loss) per share
     of common stock:
     Income (loss) before
      extraordinary charge     $ .04   $ (.16)     $ .03   $ (.53)
     Extraordinary charge        --      (.08)       --      (.08)
      Net income (loss)        $ .04   $ (.24)     $ .03   $ (.61)
    Average shares outstanding
     (in thousands)           72,615   72,835     72,381   72,728
                         ROWAN COMPANIES, INC.
                  Condensed Consolidated Balance Sheet
                   (Dollars in thousands - unaudited)
            As adjusted to reflect retirement assets of the
             13-3/4 percent senior Actual notes on 1/13/92
                              12/31/90               12/31/91
    Cash and cash
     equivalents         $108,461  $234,581          $105,831
    Other current assets   70,787    68,363            68,363
    Total current assets  179,248   302,944           174,194
    Property and
     equipment - net      549,608   552,481           552,481
    Other assets           10,277    40,464            40,464
    Total                $739,133  $895,889          $767,139
    Liabilities and Stockholders' Equity
    Current maturities of
     long-term debt        $7,857  $132,857            $7,857
    Other current
     liabilities           36,998    44,091            40,341
    Total current
     liabilities           44,855   176,948            48,198
    Long-term debt        153,621   220,764           220,764
    Other liabilities      18,638    21,906            21,906
    Deferred credits       36,271    30,903            30,903
    Stockholders' equity  485,748   445,368           445,368
    Total                $739,133  $895,889          $767,139
    -0-                  1/15/92
    /CONTACT:  E.E. Thiele of Rowan Companies, 713-621-7800/
    (RDC) CO:  Rowan Companies Inc. ST:  Texas IN:  OIL SU:  ERN SM -- NY035 -- 9936 01/15/92 11:00 EST
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Copyright 1992 Gale, Cengage Learning. All rights reserved.

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Date:Jan 15, 1992
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