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                                                                    EXHIBIT 99.1

ROWAN REVISES NEAR-TERM BUSINESS OUTLOOK

         HOUSTON, JUNE 18, 2001 -- C. R. Palmer, Chairman and Chief Executive
Officer, commented, "While earnings for April and May were on target to meet our
estimate of '45cents per share - mas o menos' made earlier this year on April
11th, our outlook for business in June will result in second quarter 2001
earnings in a range of 35-40cents per share. Such results would compare
favorably with second quarter 2000 earnings of 12 cents per share and first
quarter 2001 earnings of 33cents per share, and be our ninth consecutive quarter
of improved financial performance.

         "Rowan's offshore rig utilization for the second quarter is currently
estimated to be 90%, down from 97% during the first quarter. Our average
offshore day rate for the second quarter should be about $61,000, up from
$58,300 during the first quarter. Land rig utilization for the second quarter is
estimated at 85% up from 76% during the first quarter, and our average land rig
day rate is estimated to be about $14,500 during the second quarter versus
$11,200 in the first quarter. For competitive reasons, we do not intend to
provide specific information regarding contract terms or day rates unless such
contracts are considered to be material.

         "We believe we will soon have commitments for our three available
offshore rigs and that all of our 23 offshore rigs and 13 marketed land rigs
will be operating around July 1st. As a result, we believe our third quarter
drilling utilization and day rates will be improved over estimated second
quarter levels. In addition, the seasonal increase in aviation activity is
underway and that division is enjoying record activity. We expect our third
quarter operating results will be substantially improved over the second
quarter.

         "A conference call to discuss our actual second quarter performance and
our outlook for the third quarter will be held at 8:30 (CST) on Thursday, July
12, 2001".

         Rowan Companies, Inc. is a major provider of international and domestic
offshore contract drilling and aviation services. The Company also operates a
mini-steel mill, a manufacturing facility that produces heavy equipment for the
mining, timber and transportation industries, and a marine division that has
designed or built about one-third of all mobile offshore jack-up drilling rigs,
including all 22 operated by the Company. The Company's stock is traded on the
New York Stock Exchange and the Pacific Stock Exchange. Common Stock trading
symbol: RDC. Contact: William C. Provine, Vice-President - Investor Relations,
713-960-7575. Website: www.rowancompanies.com

         This report contains forward looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995, including, without
limitation, statements as to the expectations, beliefs and future expected
financial performance of the Company that are based on current expectations and
are subject to certain risks, trends and uncertainties that could cause actual
results to differ materially from those projected by the Company. Among the
factors that could cause actual results to differ materially include oil and
natural gas prices, the level of offshore expenditures by energy companies, the
general economy, including inflation, weather conditions in the Company's
principal operating areas and environmental and other laws and regulations.
Other relevant factors have been disclosed in the Company's filings with the U.
S. Securities and Exchange Commission.