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ROWAN COMPANIES, INC. REPORTS RESULTS

 ROWAN COMPANIES, INC. REPORTS RESULTS
 HOUSTON, Oct. 12 /PRNewswire/ -- Rowan Companies, Inc. (NYSE: RDC)


reported unaudited financial results for the three months and nine months ended Sept. 30, 1992.
 The net loss for the third quarter was $14,156,000, $.19 per share, comparing to a net loss of $4,806,000, $.07 per share, for the same period a year ago. The nine month net loss amounted to $50,202,000, $.69 per share, comparing to a net loss of $26,611,000, $.37 per share, for the same 1991 period.
 C. R. Palmer, chairman and president, commented, "The dynamics of our business are amazing. Earlier this year, U.S. natural gas prices were less than $1.00/Mcf; the Gulf of Mexico offshore rig count was 51; and day rates were hovering at cash cost. Currently, gas prices are up over 200 percent; the offshore rig count has almost doubled; and within recent weeks, day rates are up over 50 percent.
 Recent business developments are as follows:
 -- Gulf of Mexico - eleven rigs are under contract, five of which are turnkey projects.
 -- North Sea - The Charles Rowan and Rowan-California have received new contracts.
 -- Indonesia - The Gilbert Rowe and Rowan-Morgan City have started operations.
 -- Trinidad - Gorilla IV has arrived from the North Sea.
 -- Colombia - The Rowan Houston will mobilize from the Gulf of Mexico during November.
 -- Croatia - The contract for five Bell 212 helicopters has been extended.
 "We are trying to believe that the improving trend will continue."
 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. Common stock trading symbol: RDC.
 ROWAN COMPANIES, INC.
 CONDENSED CONSOLIDATED BALANCE SHEET
 Unaudited (Dollars In Thousands)
 Period ended Sept. 30 1992 1991
 ASSETS
 Cash and Short-Term Investments $ 51,579 $ 61,936
 Accounts Receivable 55,628 54,438
 Other Current Assets 17,757 18,466
 Total Current Assets 124,964 134,840
 Investment In and Advances to
 49 Percent Owned Companies 33,177 3,561
 Property and Equipment-net 544,739 556,048
 Other Assets 9,320 7,904
 TOTAL $712,200 $702,353
 LIABILITIES AND STOCKHOLDERS' EQUITY
 Current Maturities of Long-Term Debt $ 7,857 $ 7,857
 Other Current Liabilities 37,774 31,583
 Total Current Liabilities 45,631 39,440
 Long-Term Debt 214,871 147,729
 Other Liabilities 25,266 21,269
 Deferred Credits 28,233 31,809
 Stockholders' Equity 398,199 462,106
 TOTAL $712,200 $702,353
 CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
 Unaudited (Dollars in Thousands Except Per Share Amounts)
 Periods ended Three months Nine months
 Sept. 30 1992 1991 1992 1991
 REVENUES:
 Drilling Operations $ 41,069 $ 43,534 $111,911 $123,918
 Aircraft Operations 29,495 33,978 70,635 80,903
 TOTAL 70,564 77,512 182,546 204,821
 COSTS AND EXPENSES:
 Drilling Operations 41,277 37,473 110,934 108,056
 Aircraft Operations 21,767 24,887 57,244 63,599
 Depreciation, Depletion
 and Amortization 12,987 13,783 38,574 40,232
 General and
 Administrative 2,831 2,585 8,867 8,592
 TOTAL 78,862 78,728 215,619 220,479
 INCOME (LOSS) FROM
 OPERATIONS (8,298) (1,216) (33,073) (15,658)
 OTHER INCOME (EXPENSE):
 Interest Expense (6,393) (5,105) (19,881) (15,422)
 Gain on Disposals of
 property and Equipment 152 817 563 1,642
 Interest Income 476 849 2,351 3,726
 Other-Net 36 7 67 114
 OTHER INCOME
 (EXPENSE) - NET (5,729) (3,432) (16,900) (9,940)
 INCOME (LOSS) BEFORE
 INCOME TAXES (14,027) (4,648) (49,973) (25,598)
 Provision for Income
 Taxes 129 158 229 1,013
 NET INCOME (LOSS) $(14,156) $ (4,806) $(50,202) $(26,611)
 EARNINGS (LOSS) PER SHARE
 OF COMMON STOCK $ (.19) $ (.07) $ (.69) $ (.37)
 AVERAGE SHARES OUTSTANDING
 (IN THOUSANDS) 73,093 72,765 72,978 72,692
 -0- 10/12/92
 /CONTACT: E. E. Thiele of Rowan Companies, Inc., 713-621-7800/
 (RDC) CO: Rowan Companies, Inc. ST: Texas IN: OIL SU: ERN


SH -- NY034 -- 8817 10/12/92 11:17 EDT
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