<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
CONSOLIDATED FINANCIAL STATEMENTS OF ROWAN COMPANIES, INC. FOR THE THREE MONTHS
ENDED MARCH 31, 1997 INCLUDED IN ITS FORM 10-Q FOR THE QUARTERLY PERIOD THEN
ENDED AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL
STATEMENTS.
</LEGEND>
<MULTIPLIER> 1,000
       
                             
<PERIOD-TYPE>                   3-MOS
<FISCAL-YEAR-END>                          DEC-31-1997
<PERIOD-END>                               MAR-31-1997
<CASH>                                         116,924
<SECURITIES>                                         0
<RECEIVABLES>                                  107,326
<ALLOWANCES>                                         0
<INVENTORY>                                     92,419
<CURRENT-ASSETS>                               327,554
<PP&E>                                       1,388,031
<DEPRECIATION>                                 815,263
<TOTAL-ASSETS>                                 933,909
<CURRENT-LIABILITIES>                          140,584
<BONDS>                                        235,874
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<COMMON>                                        10,894
<OTHER-SE>                                     490,810
<TOTAL-LIABILITY-AND-EQUITY>                   933,909
<SALES>                                         35,335
<TOTAL-REVENUES>                               144,765
<CGS>                                           26,462
<TOTAL-COSTS>                                  133,779
<OTHER-EXPENSES>                                     0
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                               5,403
<INCOME-PRETAX>                                  7,865
<INCOME-TAX>                                       234
<INCOME-CONTINUING>                              7,631
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                  3,478
<CHANGES>                                            0
<NET-INCOME>                                     4,153
<EPS-PRIMARY>                                     0.05
<EPS-DILUTED>                                     0.05