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ROWAN COMPANIES ANNOUNCES CONSUMMATION OF PUBLIC OFFERING

 HOUSTON, June 16 /PRNewswire/ -- Rowan Companies, Inc. (NYSE: RDC) announced today the consummation of a public offering of 10 million shares of its common stock at $9-5/8 per share. The net proceeds will be used to provide increased working capital to expand the company's turnkey drilling operations and for general corporate purposes.
 The offering was managed by Lehman Brothers Inc.
 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 under the symbol "RDC".
 This announcement is neither an offer to sell nor a solicitation of an offer to buy the common stock.
 -0- 6/16/93
 /CONTACT: R.E. McWilliams or E.E. Thiele, both for Rowan Companies, Inc., 713-621-7800/
 (RDC)


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

LR -- NY017 -- 2509 06/16/93 09:45 EDT
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Publication:PR Newswire
Date:Jun 16, 1993
Words:167
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