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July 26, 2002

Management changes at Rowan
Rowan Companies, Inc. announced the following management changes, effective August 1, 2002:

Robert G. Croyle - 59, Executive Vice President is to become Vice Chairman and Chief Administrative Officer.

Daniel F. McNease - 51, Executive Vice President is to become President and Chief Operating Officer.

C. Robert Palmer - 67, will continue as Chairman and Chief ExecutiveOfficer until his retirement, scheduled for May 1, 2003, at which time it is planned for McNease to become Chief Executive Officer. Palmer has agreed to stand for re-election for a three-year Board term in April 2003 and, if elected, to serve as non-executive Chairman.

In addition to their corporate responsibilities, the aviation division will report to Croyle and the drilling and manufacturing divisions will report to McNease.

Bob Palmer commented, "Tempus Fugit - May 2003 will mark 50 years since I joined Rowan as a roughneck on Barge Rig #6, operating near New Iberia, Louisiana. At the time, the only advice I received was to show up early at the boat landing, bring two pairs of gloves and no lunch. I did that.

"For the past 30 years as Chairman and CEO, I have worn out fewer gloves and definitely enjoyed better lunches. My time on tour is about over. It is time for the relief crew to show up. Both Bob Croyle and Danny McNease have earned their way -- during more than 25 years working for Rowan. They are ready and eager. I look forward to their continued achievement."

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