Ownership Submission
FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
HAY MARK H
   2. Issuer Name and Ticker or Trading Symbol
ROWAN COMPANIES INC [RDC] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director _____ 10% Owner
__X__ Officer (give title below) _____ Other (specify below)
Secretary & Asst. Treasurer
(Last)
(First)
(Middle)
2800 POST OAK BLVD., SUITE 5450		 3. Date of Earliest Transaction (Month/Day/Year)
06/15/2005
(Street)

HOUSTON, TX 77056-6127		 4. If Amendment, Date Original Filed(Month/Day/Year)
 6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)		 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code
(Instr. 8)		 4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)		 5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)		 6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)		 7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V Amount (A) or (D) Price
Common Stock 06/15/2005   M   5,000 A $ 18.25 15,000 D  
Common Stock 06/15/2005   M   6,000 A $ 22 21,000 D  
Common Stock 06/15/2005   M   4,677 A $ 13.12 25,677 D  
Common Stock 06/15/2005   M   3,350 A $ 6.19 29,027 D  
Common Stock 06/15/2005   S   18,127 D $ 29.5 10,900 D  
Common Stock 06/15/2005   S   300 D $ 29.51 10,600 D  
Common Stock 06/15/2005   S   600 D $ 29.52 10,000 D  

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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3)		 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code
(Instr. 8)		 5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)		 6. Date Exercisable and Expiration Date
(Month/Day/Year)		 7. Title and Amount of Underlying Securities
(Instr. 3 and 4)		 8. Price of Derivative Security
(Instr. 5)		 9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)		 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)		 11. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Option (Right to Buy) (1) $ 18.25 06/15/2005   M     5,000 04/27/2001(1) 04/27/2010 Common Stock 5,000 $ 0 0 D  
Option (Right to Buy) (2) $ 22 06/15/2005   M     6,000 04/26/2002(2) 04/26/2011 Common Stock 6,000 $ 0 0 D  
Option (Right to Buy) (3) $ 13.12 06/15/2005   M     4,677 09/20/2002(3) 09/20/2011 Common Stock 4,677 $ 0 1,559 D  
Option (Right to Buy) (4) $ 6.19 06/15/2005   M     3,350 04/25/2004(4) 04/25/2013 Common Stock 3,350 $ 0 3,350 D  

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
HAY MARK H
2800 POST OAK BLVD.
SUITE 5450
HOUSTON, TX 77056-6127		       Secretary & Asst. Treasurer  

Signatures

 /s/ Mark H. Hay   06/17/2005
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) This option vested in four installments on April 27, 2001, 2002, 2003 and 2004.
(2) This option vested in four installments on April 26, 2002, 2003, 2004 and 2005.
(3) This option vests in four installments on September 20, 2002, 2003, 2004 and 2005 with the first three being exercised herein.
(4) This option vests in four installments on April 25, 2004, 2005, 2006 and 2007 with the first two being exercised herein..

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