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ROWAN COMPANIES ANNOUNCES FINANCIAL RESULTS

 ROWAN COMPANIES ANNOUNCES FINANCIAL RESULTS
 HOUSTON, July 14 /PRNewswire/ -- Rowan Companies, Inc. (NYSE: RDC)


reported unaudited financial results for the second quarter and six months period ended June 30, 1992.
 The second quarter results improved for 1992 in both drilling and aviation operations. Compared to the first quarter, revenues increased $4.7 million while expenses decreased $2.6 million. As a result, the net loss for the second quarter was reduced to $14,237,000, $.20 per share, from a net loss of $21,809,000, $.30 per share, in the first quarter. The second quarter loss compares to a net loss of $9,775,000, $.13 per share, for the same period a year ago. The six months net loss amounted to $36,046,000, $.49 per share, comparing to a net loss of $21,805,000, $.30 per share, for the same 1991 period.
 C.R. Palmer, chairman and president, commented, "In spite of adverse industry conditions, Rowan has been able to increase revenues and reduce losses. We lost $8.0 million in April and $3.5 million in May. Losses for June were $2.7 million. The Aviation Division was profitable in both May and June; the Drilling Division losses are decreasing.
 Recent business developments are as follows:
 -- The Rowan-New Orleans conversion from a drilling rig to a crane barge was completed in late June, and the barge is currently working in the Gulf of Mexico.
 -- The jack-up Rowan-Juneau is en route to the North Sea.
 -- Five Bell-212 helicopters arrived in Yugoslavia on July 13 for use by the United Nations."
 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.
 ROWAN COMPANIES, INC.
 Condensed Consolidated Balance Sheet
 (unaudited - dollars in thousands)
 June 30,
 1992 1991
 ASSETS
 Cash and short-term investments $ 62,518 $ 69,633
 Other current assets 61,949 69,888
 TOTAL CURRENT ASSETS 124,467 139,521
 Investment in and advances to 49 percent
 owned companies 32,426 2,972
 Property and equipment-net 552,562 558,838
 Other assets 9,443 7,736
 TOTAL $718,898 $709,067
 LIABILITIES AND STOCKHOLDERS' EQUITY
 Current maturities of long-term
 debt $ 7,857 $ 7,857
 Other current liabilities 30,809 31,818
 TOTAL CURRENT LIABILITIES 38,666 39,675
 Long-term debt 216,836 149,693
 Other liabilities 22,985 19,180
 Deferred credits 29,156 34,697
 Stockholders' equity 411,255 465,822
 TOTAL $718,898 $709,067
 Condensed Consolidated Statement of Operations
 (unaudited -- dollars in thousands except per share amounts)
 Periods ended Three months Six months
 June 30, 1992 1991 1992 1991
 REVENUES:
 Drilling operations $ 36,211 $ 40,261 $ 70,842 $ 80,384
 Aircraft operations 22,125 26,801 41,140 46,925
 TOTAL 58,336 67,062 111,982 127,309
 COSTS AND EXPENSES:
 Drilling operations 33,460 35,497 69,657 70,583
 Aircraft operations 17,600 21,205 35,477 38,712
 Depreciation, depletion
 and amortization 12,892 13,547 25,587 26,449
 General and
 administrative 3,115 2,699 6,036 6,007
 TOTAL 67,067 72,948 136,757 141,751
 INCOME (LOSS) FROM
 OPERATIONS (8,731) (5,886) (24,775) (14,442)
 OTHER INCOME (EXPENSE):
 Interest expense (6,449) (5,107) (13,488) (10,317)
 Gain on disposals of
 property and
 equipment 321 446 411 825
 Interest income 720 1,181 1,875 2,877
 Other-net (77) 53 31 107
 OTHER INCOME (EXPENSE)-
 NET (5,485) (3,427) (11,171) (6,508)
 INCOME (LOSS) BEFORE
 INCOME TAXES (14,216) (9,313) (35,946) (20,950)
 Provision for income
 taxes 21 462 100 855
 NET INCOME (LOSS) $(14,237)$ (9,775) $(36,046) $(21,805)
 EARNINGS (LOSS) PER
 SHARE OF COMMON
 STOCK $ (.20)$ (.13) $ (.49) $ (.30)
 AVERAGE SHARES
 OUTSTANDING
 (IN THOUSANDS) 72,971 72,678 72,923 72,656
 -0- 7/14/92
 /CONTACT: E.E. Thiele of Rowan Companies, 713-621-7800/
 (RDC) CO: Rowan Companies Inc. ST: Texas IN: OIL SU: ERN


SH -- NY043 -- 9064 07/14/92 11:37 EDT
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