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ROWAN COMPANIES ANNOUNCES FIRST QUARTER RESULTS EXPECTED TO IMPROVE

 HOUSTON, Jan. 20 /PRNewswire/ -- Rowan Companies, Inc. (NYSE: RDC) today announced the financial results for the first quarter of 1993 are expected to improve as a result of increased drilling activity.
 Revenues are expected to be in excess of $72.0 million as compared to $67.5 million in the fourth quarter of 1992 and $53.6 million in the first quarter of 1992.
 The principal increases in drilling revenue are expected to be from the Gulf of Mexico.
 The company expects to report a first quarter net loss in the range of $6-$10 million as compared to the fourth quarter loss of $23.6 million and a year-earlier first quarter loss of $21.8 million.
 Cash and receivables are expected to be in excess of $80.0 million as compared to $84.0 million at year-end.
 C. R. Palmer, chairman and CEO, commented, "The outlook for the remainder of 1993 is for continued uncertainty; however, if drilling activity continues at current levels, the financial results should improve further."
 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.
 -0- 1/20/93
 /CONTACT: E. E. Thiele of Rowan Companies, Inc., 713-621-7800/
 (RDC)


CO: Rowan Companies, Inc. ST: Texas IN: SU: ERP

223 01-20-93 16:49 EST CK -- NY077 -- 7089 01/20/93 16:51 EST
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Publication:PR Newswire
Date:Jan 20, 1993
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