Obligation Rowen Corp 5% ( US779382AN00 ) en USD

Rowen Corp

100 % ⇌

Etas-Unis

US779382AN00 ( en USD )

5% par an ( paiement semestriel )

01/09/2017 - Obligation échue

Prospectus brochure de l'obligation Rowan Cos US779382AN00 en USD 5%, échue

1 000 USD

400 000 000 USD

779382AN0

B+ ( Très spéculatif )

B1 ( Très spéculatif )

Rowan Companies est une entreprise américaine spécialisée dans le forage offshore et les services de soutien à l'industrie pétrolière et gazière.

L'Obligation émise par Rowen Corp ( Etas-Unis ) , en USD, avec le code ISIN US779382AN00, paye un coupon de 5% par an.
Le paiement des coupons est semestriel et la maturité de l'Obligation est le 01/09/2017

L'Obligation émise par Rowen Corp ( Etas-Unis ) , en USD, avec le code ISIN US779382AN00, a été notée B1 ( Très spéculatif ) par l'agence de notation Moody's.

L'Obligation émise par Rowen Corp ( Etas-Unis ) , en USD, avec le code ISIN US779382AN00, a été notée B+ ( Très spéculatif ) par l'agence de notation Standard & Poor's ( S&P ).

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CALCULATION OF REGISTRATION FEE

Proposed Maximum Proposed Maximum

Title of Each Class
Amount to be Offering Price

Aggregate
Amount of
of Securities to be Registered
Registered

per Unit
Offering Price
Registration Fee
5% Senior Notes due 2017
$400,000,000
99.504%
$398,016,000.00 $28,378.54(1)

(1) This amount is calculated in accordance with Rule 457(r) of the Securities Act of 1933, as
amended.

Filed pursuant to Rule 424(b)(5)
Registration No. 333-160579
PROSPECTUS SUPPLEMENT
(To Prospectus dated July 15, 2009)

$400,000,000

Rowan Companies, Inc.

5% Senior Notes due 2017

We are offering $400 million of our 5% Senior Notes due 2017. We will pay interest on the notes
on March 1 and September 1 of each year, commencing on March 1, 2011. The notes will mature on
September 1, 2017.

We may elect to redeem any or all of the notes at any time for an amount equal to 100% of the
principal amount of the notes redeemed plus a make-whole premium plus accrued but unpaid interest
to the redemption date.

The notes will be our unsecured senior obligations and will rank equal in right to all our existing
and future unsecured senior indebtedness and will be effectively junior to our existing and future
secured indebtedness to the extent of collateral securing that debt. The notes will be structurally junior
to the indebtedness and other liabilities of our subsidiaries.

We do not intend to apply for listing of the notes on any securities exchange or for inclusion of the
notes in any automated quotation system. Currently, there is no public market for the notes.

See "Risk Factors" beginning on page S-9 to read about important factors you
should consider before buying the notes.

Per Note
Total

Price to the public(1)
99.504 % $ 398,016,000
Underwriting discounts and commissions
0.625 % $ 2,500,000
Proceeds to us (before expenses)(1)
98.879 % $ 395,516,000

(1) Plus accrued interest, if any, from August 30, 2010.

Neither the Securities and Exchange Commission nor any state securities commission has
approved or disapproved of these securities or determined if this prospectus supplement or the
accompanying prospectus is truthful or complete. Any representation to the contrary is a
criminal offense.

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We expect that delivery of the notes will be made to investors in book-entry form on or about
August 30, 2010 through The Depository Trust Company.

Joint Book-Running Managers

Citi

RBC Capital Markets

Wells Fargo Securities

DnB NOR Markets

Co-Managers

BofA Merrill Lynch
Goldman, Sachs & Co.
UBS Investment Bank

Prospectus Supplement dated August 19, 2010
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You should rely only on the information contained or incorporated by reference in this
prospectus supplement and the accompanying prospectus. We have not, and the underwriters
have not, authorized any other person to provide you with different information. If anyone
provides you with different or inconsistent information, you should not rely on it.

We are not, and the underwriters are not, making an offer to sell the notes in any
jurisdiction where the offer or sale is not permitted.

You should assume that the information appearing in this prospectus supplement and the
accompanying prospectus is accurate only as of the respective dates on the front of those
documents or earlier dates specified herein or therein. Our business, financial condition, results
of operations and prospects may have changed since those dates.

TABLE OF CONTENTS

Prospectus Supplement

About This Prospectus Supplement
S-ii
Incorporation by Reference
S-ii
Forward-Looking Statements
S-ii
Non-GAAP Financial Measures
S-iii
Industry and Market Data
S-iv
Prospectus Supplement Summary
S-1
Risk Factors
S-9
Use of Proceeds
S-12
Capitalization
S-13
Ratio of Earnings to Fixed Charges
S-14
Description of Notes
S-15
Certain United States Federal Income Tax Considerations
S-26
Underwriting
S-30
Legal Matters
S-33
Experts
S-33

Prospectus

Page

About this Prospectus
i
Where You Can Find More Information
ii
Incorporation by Reference
ii
Forward-Looking Statements
iii
Industry and Market Data
iv
Rowan Companies, Inc.
1
Risk Factors
1
Use of Proceeds
1
Ratios of Earnings to Fixed Charges
2
Description of Capital Stock
2
Description of Debt Securities
5
Description of Warrants
15
Description of Units
15
Plan of Distribution
16
Legal Matters
17
Experts
17

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ABOUT THIS PROSPECTUS SUPPLEMENT

This prospectus supplement and the accompanying prospectus are part of a universal shelf
registration statement on Form S-3 that we filed with the Securities and Exchange Commission, or the
SEC. Under the shelf registration process, we may sell any combination of capital stock, debt
securities, warrants or units in one or more offerings from time to time. In the accompanying
prospectus, we provide you a general description of the securities we may offer from time to time
under our shelf registration statement. This prospectus supplement describes the specific details
regarding this offering, including the price, the aggregate principal amount of debt being offered and
the risks of investing in our securities. This prospectus supplement, the accompanying prospectus and
the documents incorporated by reference herein and therein include important information about us,
the notes being offered and other information you should know before investing.

Unless otherwise indicated or the context otherwise requires, in this prospectus supplement, all
references to "Rowan Companies," "Rowan," "we," "us" or "our" refer to Rowan Companies, Inc. and
its direct and indirect subsidiaries on a consolidated basis.

INCORPORATION BY REFERENCE

The SEC allows us to "incorporate by reference" the information that we file with them, which
means that we can disclose important information to you by referring you to other documents filed
separately with the SEC. The information incorporated by reference is an important part of this
prospectus supplement and the accompanying prospectus, and information that we file later with the
SEC will automatically update and supersede this information. We incorporate by reference the
following documents and all documents that we subsequently file with the SEC under Section 13(a),
13(c), 14 or 15(d) of the Securities Exchange Act of 1934, as amended, or the Exchange Act (other
than information furnished rather than filed):

· our Annual Report on Form 10-K for the year ended December 31, 2009, as filed with the SEC
on March 1, 2010;

· our Quarterly Reports on Form 10-Q for the quarters ended March 31, 2010 and June 30, 2010,
as filed with the SEC on May 7, 2010 and August 4, 2010, respectively;

· our Current Reports on Form 8-K, as filed with the SEC on March 9, 2010, May 3, 2010,
June 25, 2010, July 1, 2010, July 26, 2010, August 13, 2010 and August 19, 2010; and

· the description of our common stock contained in our registration statements filed pursuant to
Section 12 of the Exchange Act, including any amendment or report filed for the purpose of
updating such description.

FORWARD-LOOKING STATEMENTS

This prospectus supplement includes "forward-looking statements" within the meaning of
Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and the Private
Securities Litigation Reform Act of 1995 about us that are subject to risks and uncertainties. All
statements other than statements of historical fact included in this document are forward-looking
statements. Forward-looking statements may be found under "Prospectus Supplement Summary,"
"Risk Factors" and elsewhere in this document regarding our financial position, business strategy,
possible or assumed future results of operations, and other plans and objectives for our future
operations.

Forward-looking statements are subject to risks and uncertainties. Although we believe that in
making such statements our expectations are based on reasonable assumptions, such statements may
be influenced by factors that could cause actual outcomes and results to be materially different from
those projected.

Except for our obligation to disclose material information under U.S. federal securities laws, we
do not undertake any obligation to release publicly any revisions to any forward-looking statements, to
report events
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or circumstances after the date of this prospectus supplement, or to report the occurrence of
unanticipated events.

Statements that are predictive in nature, that depend upon or refer to future events or conditions, or
that include words such as "will," "would," "should," "plans," "likely," "expects," "anticipates,"
"intends," "believes," "estimates," "thinks," "may," and similar expressions, are forward-looking
statements. The following important factors, in addition to those discussed under the caption "Risk
Factors" and elsewhere in this document, could affect the future results of the energy industry in
general, and us in particular, and could cause those results to differ materially from those expressed in
or implied by such forward-looking statements:

· demand for drilling services in the United States and abroad;

· demand for oil, natural gas and other commodities;

· oil and natural gas prices;

· the level of exploration and development expenditures by national oil companies, major
international oil companies and large investment-grade exploration and production companies;

· the willingness and ability of the Organization of Petroleum Exporting Countries, or OPEC, to
limit production levels and influence prices;

· the level of production in non-OPEC countries;

· the general economy, including inflation;

· the condition of the capital markets;

· weather conditions in our principal operating areas, including possible disruption of exploration
and development activities due to hurricanes and other severe weather conditions;

· risks associated with the pending acquisition of Skeie Drilling & Production ASA, including the
related assumption of debt;

· difficulty acquiring permits for offshore drilling operations;

· increases in the cost of borrowing and operations should the rating agencies reduce our current
investment grade rating;

· environmental, drilling and other laws and regulations;

· policies of various governments regarding exploration and development of their oil and natural
gas reserves;

· domestic and international tax policies;

·

political and military conflicts and the effects of terrorism;

· advances in exploration and development technology; and

· consolidation of our customer base.

All written and oral forward-looking statements attributable to us are expressly qualified in their
entirety by such factors. For additional information with respect to these factors, see "Incorporation by
Reference."

NON-GAAP FINANCIAL MEASURES

The SEC has adopted rules to regulate the use of "non-GAAP financial measures," such as
EBITDA and Adjusted EBITDA, that are derived on the basis of methodologies other than in
accordance with generally accepted accounting principles, or GAAP. EBITDA is a non-GAAP
financial measure that complies with the Securities Act regulations when it is defined as net income
(the most directly comparable GAAP financial measure) before interest, taxes, depreciation and
amortization. We define EBITDA in this prospectus supplement accordingly.
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Adjusted EBITDA is another non-GAAP financial measure, which we define to be EBITDA as
adjusted for (i) gain on disposals of property and equipment, (ii) material charges and other operating
expenses (including in 2010, inventory valuation charges, and in 2008, inventory valuation charges,
goodwill impairment, professional fees related to the suspended monetization of LeTourneau
Technologies, Inc., impairment charges due to the cancellation of construction on a jack-up rig and
severance payments). We present EBITDA and Adjusted EBITDA because we believe that our
investors consider them to be important supplemental measures of our performance and believe they
are frequently used by securities analysts and other interested parties in the evaluation of companies in
our industry. We believe EBITDA and Adjusted EBITDA are appropriate supplemental measures of
debt service capacity, because cash expenditures on interest are, by definition, available to pay
interest, and tax expense is inversely correlated to interest expense because tax expense goes down as
deductible interest expense goes up; depreciation and amortization are non-cash charges.

EBITDA and Adjusted EBITDA have limitations as analytical tools, and you should not consider
them in isolation or as substitutes for analysis of our results as reported under GAAP. For example,
these measures:

· do not reflect our cash expenditures, or future requirements for capital expenditures or
contractual commitments;

· do not reflect changes in, or cash requirements for, our working capital needs;

· do not reflect the significant interest expense, or the cash requirements necessary to service
interest or principal payments, on our debts; and

· do not reflect the effect of earnings or charges resulting from matters we consider not to be
indicative of our ongoing operations.

In addition, although depreciation and amortization are non-cash charges, the assets being
depreciated and amortized will often have to be replaced in the future, and EBITDA and Adjusted
EBITDA do not reflect any cash requirements for such replacements. Other companies in our industry
and in other industries may calculate EBITDA and Adjusted EBITDA differently from the way that
we do, limiting their usefulness as comparative measures. Because of these limitations, EBITDA and
Adjusted EBITDA should not be considered as measures of discretionary cash available to us to invest
in the growth of our business. We compensate for these limitations by relying primarily on our GAAP
results and using EBITDA and Adjusted EBITDA only supplementally.

INDUSTRY AND MARKET DATA

We have obtained some industry and market share data from third-party sources that we believe
are reliable. In many cases, however, we have made statements in this prospectus supplement (or in
documents incorporated by reference in this prospectus supplement) regarding our industry and our
position in the industry based on estimates made based on our experience in the industry and our own
investigation of market conditions. We believe these estimates to be accurate as of the date of this
prospectus supplement. However, this information may prove to be inaccurate because of the method
by which we obtained some of the data for our estimates or because this information cannot always be
verified with complete certainty due to the limits on the availability and reliability of raw data, the
voluntary nature of the data gathering process and other limitations and uncertainties. As a result, you
should be aware that the industry and market data included or incorporated by reference in this
prospectus supplement, and estimates and beliefs based on that data, may not be reliable. We cannot,
and the underwriters cannot, guarantee the accuracy or completeness of any such information.

S-iv
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PROSPECTUS SUPPLEMENT SUMMARY

This summary highlights information from this prospectus supplement and the
accompanying prospectus to help you understand our business and an investment in the notes
offered hereby. You should read carefully this entire prospectus supplement, the accompanying
prospectus and the documents incorporated by reference for a more complete understanding of
this offering. For more information about important risks that you should consider before
making a decision to purchase notes in this offering, you should read the "Risk Factors"
beginning on page S-9 of this prospectus supplement, as well as the "Risk Factors" appearing
in our annual report on Form 10-K for the year ended December 31, 2009 and our quarterly
report on Form 10-Q for the three months ended June 30, 2010. Except in the "Description of
Notes" section of this prospectus supplement, and unless the context requires otherwise,
references to "Rowan Companies," "Rowan," "us," "we" and "our" mean Rowan Companies,
Inc. together with its subsidiaries.

Rowan Companies, Inc.

We are a leading international provider of contract drilling services with a focus on high-
specification and premium marine jack-up rigs, which we use for both exploratory and
development drilling. Depending on the particular rig and location, we are capable of drilling to
depths of up to 35,000 feet in water up to 550 feet deep. At the time of this offering, our
offshore fleet includes 24 self-elevating mobile jack-up rigs, with nine rigs located in the
Middle East, nine in the U.S. Gulf of Mexico, or GOM, three in the North Sea, one in Eastern
Canada, one in Mexico and one in Egypt. We have four additional high-specification jack-up
rigs under construction with deliveries expected between the third quarter of 2010 and the first
quarter of 2012. We also own and operate 29 actively marketed deep-well land rigs in Texas,
Louisiana and Alaska.

Our manufacturing division, LeTourneau Technologies, Inc., or LeTourneau, is an industry
leader in the design and construction of jack-up rigs and has designed or built all our jack-up
rigs. LeTourneau designed all, and is building one, of our four high-specification rigs under
construction. LeTourneau also designs and manufactures innovative oil and gas drilling and
mining equipment.

For the six months ended June 30, 2010, we had total revenues of $922 million, net income
of $156 million, EBITDA of $321 million and Adjusted EBITDA of $362 million. Our offshore
drilling services segment generated approximately 90% of our Adjusted EBITDA over the same
period.

The following table summarizes our offshore jack-up rig assets:

High-Specification Premium Conventional

Percentage of

Jack-Ups(1)
Jack-Ups(2) Jack-Ups
Total
Fleet(3)

Middle East

3
6
--
9

38
%
GOM

4
2
3
9
38 %
North Sea

3
--
--
3

13
%
Egypt

1
--
--
1

4
%
Mexico

1
--
--
1

4
%
Canada

--
1
--
1

4
%

Total

12
9
3 24
100 %
Percentage of Fleet(3)

50 %
38 %
13 % 100 %

(1) Rigs that have at least two million pounds of hook load capability.

(2) Cantilever jack-up rigs that have the ability to operate in water depths greater than 300 feet.

(3) Percentages do not total 100% due to rounding.

Competitive Strengths
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