Rowan Reports Improved Operating Results

For the three months ended June 30, 2003, Rowan Companies, Inc. incurred a net loss of $6.6 million, or $.07 per share, on revenues of $158.1 million, compared to a net loss of $17.2 million, or $.18 per share, on revenues of $131.4 million in the first quarter of 2003, and a net loss of $8.7 million, or $.09 per share, on revenues of $148.5 million in the second quarter of 2002.

Rowan's offshore rig utilization was 88% during the second quarter of 2003, versus 82% in the first quarter and 87% in the year-earlier period, and our average offshore day rate of $39,400 increased by $4,600, or 13%, from the first quarter and by $8,900, or 29%, from the year-earlier period. Land rig utilization was 76% during the second quarter of 2003, versus 68% in the year- earlier period, and our average land rig day rate of $10,600 increased by $800, or 8%, from the first quarter and by $400, or 4%, from the year-earlier period.

Bob Palmer, Chairman of the Board, commented, "In April, we announced that we were optimistic that the second quarter 2003 would witness a dramatic turn in our efforts to return to profitability. We believe such a turn is occurring.

"During the second quarter, our revenues grew by 20%, and our losses were reduced by two-thirds. Our drilling and aviation divisions were profitable in June, and the outlook for the manufacturing division is improving.

"With all 23 Rowan offshore rigs currently under contract, we believe our operating results will continue to improve during the third quarter."
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