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                                                                     EXHIBIT 10p


                            ROWAN COMPANIES, INC.

                     Amendment No. 2 to the Consultancy
                        Agreement Dated March 1, 1991
                        Between Rowan Companies, Inc.
                             and C. W. Yeargain

                                      
Effective April 1, 1995:


         Section 2 of the Agreement, Duties of the Consultant, is amended by
         adding an additional paragraph as follows:

         (B)  The Consultant also shall serve as a Director of LeTourneau, Inc.
         and as Chairman of the Board of Directors of LeTourneau, Inc. and
         shall provide such services as may be required, from time to time, in
         connection with serving in such capacities.

         (C)  The Consultant shall provide advice as may be required for the
         design and construction of the enhanced Gorilla design jack-up rig,
         designated GORILLA V.

         Section 4 of the Agreement, Consideration and Expenses, is hereby
         deleted and the following is substituted therefor:

         (A)  The Company shall pay $100,000 annually (payable quarterly) plus
         the per diem rate of US $500.00 for services rendered.  Further, the
         Company shall reimburse to the consultant all proper and reasonable
         out-of- pocket expenses (including, but not limited to, all travel and
         accommodation expenses).