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ROWAN COMPANIES ANNOUNCES SALE OF $200 MILLION OF 11-7/8 PERCENT SENIOR NOTES DUE 2001

 ROWAN COMPANIES ANNOUNCES SALE OF $200 MILLION OF
 11-7/8 PERCENT SENIOR NOTES DUE 2001
 HOUSTON, Dec. 5 /PRNewswire/ -- Rowan Companies, Inc. (NYSE: RDC) announced today the sale of $200 million of 11-7/8 percent senior notes due Dec. 1, 2001. The senior notes are priced at par and are rated BB by Standard & Poor's Corporation and Ba2 by Moody's Investors Service. Wasserstein Perella Securities, a division of Grantchester Securities, Inc., Merrill Lynch & Co. and Citicorp Securities Markets, Inc. are the underwriters for the offering.
 The net proceeds from the sale of the senior notes will be used to redeem Rowan's outstanding 13-3/4 percent senior notes due 1996 at an aggregate redemption price of $128.75 million and for general corporate purposes.
 Rowan Companies, Inc. is a major provider of international and domestic offshore contract drilling services to the petroleum industry. The company also provides contract and charter helicopter and fixed-wing aircraft services, primarily in Alaska and the Gulf of Mexico. The company's stock is traded on the New York Stock Exchange and the Pacific Stock Exchange. Symbol: RDC.
 This announcement is neither an offer to sell nor a solicitation of an offer to buy the senior notes.
 The offer is made only by the prospectus, copies of which may be obtained from the company or Wasserstein Perella Securities, 31 West 52nd Street, New York, New York 10019.
 -0- 12/5/91
 /CONTACT: E.E. Thiele of Rowan Companies, 713-621-7800/
 (RDC) CO: Rowan Companies Inc. ST: Texas IN: SU: OFR


KD -- NY039 -- 9584 12/05/91 10:30 EST
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Publication:PR Newswire
Date:Dec 5, 1991
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