Rowan Declares 10 Cent Quarterly Dividend

Rowan Companies has declared a cash dividend of 10 cents per share of Common Stock payable on August 29, 2007 to shareholders of record on August 14, 2007.

The Company reinstituted a regular quarterly dividend in May 2006.

Rowan Companies, Inc. is a major provider of international and domestic offshore contract drilling services. The Company also owns and operates a manufacturing division that produces equipment for the drilling, mining and timber industries. The Company's stock is traded on the New York Stock Exchange. Common Stock trading symbol: RDC.