<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, 1998 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-31-1998 <PERIOD-END> MAR-31-1998 <CASH> 116,617 <SECURITIES> 0 <RECEIVABLES> 124,527 <ALLOWANCES> 0 <INVENTORY> 108,328 <CURRENT-ASSETS> 398,344 <PP&E> 1,592,179 <DEPRECIATION> 852,922 <TOTAL-ASSETS> 1,143,397 <CURRENT-LIABILITIES> 76,732 <BONDS> 238,135 <PREFERRED-MANDATORY> 0 <PREFERRED> 0 <COMMON> 11,042 <OTHER-SE> 687,181 <TOTAL-LIABILITY-AND-EQUITY> 1,143,397 <SALES> 35,810 <TOTAL-REVENUES> 183,914 <CGS> 24,892 <TOTAL-COSTS> 119,397 <OTHER-EXPENSES> 0 <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 852 <INCOME-PRETAX> 65,975 <INCOME-TAX> 23,216 <INCOME-CONTINUING> 42,759 <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> 42,759 <EPS-PRIMARY> 0.49 <EPS-DILUTED> 0.48