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ROWAN COMPANIES REPORTS IMPROVED RESULTS

 HOUSTON, July 14 /PRNewswire/ -- Rowan Companies, Inc. (NYSE: RDC) reported improved unaudited financial results for the second quarter ended June 30, 1993.
 The net loss amounted to $8,197,000, comparing to a loss of $14,237,000 in the second quarter of 1992 and a loss of $13,509,000 in the first quarter of 1993. The per share loss was $.11 vs. a $.20 loss in the year earlier period and an $.18 loss in the first quarter of 1993.
 The six months net loss amounted to $21,706,000, $.29 per share, comparing to a net loss of $36,046,000, $.49 per share, for the same period in 1992.
 C.R. Palmer, chairman and CEO, commented, "Business conditions continue to improve for both aviation and drilling operations. Aviation revenues are increasing principally as a result of seasonal factors. Drilling revenues are increasing as a result of improved utilization and higher day rates in the North Sea and the Gulf of Mexico. The Project Management group completed six turnkey projects during the second quarter producing $16.8 million in revenues and $759,000 in operating profit.
 "Currently, 22 of the 24 marine rigs are under contract. We were profitable in June and the outlook is excellent for a profitable third quarter. I am increasingly confident that 1993 will be the turning point on the road to prosperity.
 "On June 15, 1993, the company sold in a public offering 10.0 million shares of common stock at $9.63 per share, greatly increasing the cash available to further expand the business, particularly turnkey drilling."
 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 under the trading symbol RDC.
 ROWAN COMPANIES, INC.
 CONDENSED CONSOLIDATED BALANCE SHEET
 Unaudited (Dollars in Thousands)
 Period ending June 30, 1993 1992
 Assets
 Cash and Short-Term Investments $107,535 $ 62,518
 Accounts Receivable 65,278 44,973
 Other Current Assets 19,643 16,976
 Total Current Assets 192,456 124,467
 Investment In and Advances to
 49 percent Owned Companies 33,561 32,426
 Property and Equipment - Net 524,516 552,562
 Other Assets 8,193 9,443
 Total $758,726 $718,898
 Liabilities and stockholders' equity
 Current Maturities of Long-Term Debt $ 8,129 $ 7,857
 Other Current Liabilities 41,379 30,809
 Total Current Liabilities 49,508 38,666
 Long-Term Debt 211,031 216,836
 Other Liabilities 23,231 22,985
 Deferred Credits 25,509 29,156
 Stockholders' Equity 449,447 411,255
 Total $758,726 $718,898
 CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
 Unaudited (Dollars In Thousands Except Per Share Amounts)
 Periods ending Three months ended Six months ended
 June 30 1993 1992 1993 1992
 Revenues
 Drilling Operations $ 60,193 $ 36,211 $120,255 $ 70,842
 Aircraft Operations 21,900 22,125 35,378 41,140
 Total 82,093 58,336 155,633 111,982
 Costs and expenses:
 Drilling Operations 50,283 33,460 100,733 69,657
 Aircraft Operations 17,394 17,600 31,616 35,477
 Depreciation, Depletion
 and Amortization 13,221 12,892 26,182 25,587
 General and
 Administrative 3,113 3,115 6,370 6,036
 Total 84,011 67,067 164,901 136,757
 Income (loss) from
 operations (1,918) (8,731) (9,268) (24,775)
 Other income (expense):
 Interest Expense (6,449) (6,449) (12,813) (13,488)
 Gain on Disposals of
 Property and
 Equipment 5 321 83 411
 Interest Income 261 720 440 1,875
 Other-Net 29 (77) 100 31
 Other income
 (expense) - net (6,154) (5,485) (12,190) (11,171)
 Income (loss) before
 income taxes (8,072) (14,216) (21,458) (35,946)
 Provision for Income
 Taxes 125 21 248 100
 Net income (loss) $(8,197) $(14,237) $(21,706 $(36,046)
 Earnings (loss) per
 share of common
 stock $ (.11) $ (.20) $ (.29) $ (.49)
 Average shares
 outstanding
 (in thousands) 74,559 72,971 73,936 72,923
 -0- 7/14/93
 /CONTACT: E.E. Thiele of Rowan Companies, Inc., 713-621-7800/
 (RDC)


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

MP-MG -- NY039 -- 1390 07/14/93 12:06 EDT
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Date:Jul 14, 1993
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