1 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).