EXHIBIT 99.1

                                                          ROWAN COMPANIES, INC.


NEWS RELEASE                               2800 POST OAK BOULEVARD, SUITE 5450
                                          HOUSTON, TEXAS  77056 (713) 621-7800

FOR IMMEDIATE RELEASE                                         January 27, 2004


                           ROWAN ANNOUNCES OFFERING OF
                        10,000,000 SHARES OF COMMON STOCK

HOUSTON, TEXAS -- Rowan Companies, Inc. (RDC-NYSE) announced today the pricing
of an offering of 10,000,000 shares of its common stock. Net proceeds from this
offering are estimated to be approximately $230 million and will be used for
general corporate purposes, including capital expenditures and additions to
working capital. Rowan expects the offering to close on January 30, 2004.

         The shares of common stock will be issued under Rowan's universal shelf
registration statement. Approximately 1.7 million of the shares being sold are
treasury stock. Lehman Brothers Inc. will serve as sole manager for the
offering. Rowan has granted Lehman Brothers an over-allotment option to purchase
up to an additional 1,500,000 shares of its common stock.

         A copy of the prospectus supplement and related base prospectus
relating to this offering may be obtained from Lehman Brothers Inc., c/o ADP
Financial Services, Integrated Distributions Services, 1155 Long Island Avenue,
Edgewood, NY 11717.

         Any offering shall be made only by means of a prospectus and prospectus
supplement. This announcement shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of these securities
in any state in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of any such state.

         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 drilling products division
that has designed or built about one-third of all mobile offshore jack-up
drilling rigs, including all 23 operated by the Company. The Company's stock is
traded on the New York Stock Exchange and the Pacific Exchange - Stock &
Options. Common Stock trading symbol: RDC. Contact: William C. Provine,
Vice-President - Investor Relations, 713-960-7575. Website:
www.rowancompanies.com

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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,
energy demand, 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.