Ownership Submission
FORM 3
 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
  Hatfield Gregory Michael
 2. Date of Event Requiring Statement (Month/Day/Year)
05/01/2005		 3. Issuer Name and Ticker or Trading Symbol
ROWAN COMPANIES INC [RDC]
(Last)
(First)
(Middle)
2800 POST OAK BLVD, SUITE 5450		 4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director _____ 10% Owner
__X__ Officer (give title below) _____ Other (specify below)
Controller
 5. If Amendment, Date Original Filed(Month/Day/Year)
(Street)

HOUSTON, TX 77056-6127		 6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Beneficially Owned
1.Title of Security
(Instr. 4)		 2. Amount of Securities Beneficially Owned
(Instr. 4)		 3. Ownership Form: Direct (D) or Indirect (I)
(Instr. 5)		 4. Nature of Indirect Beneficial Ownership
(Instr. 5)
Common Stock 4,336 (1)
D
 

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. SEC 1473 (7-02)
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Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 4)		 2. Date Exercisable and Expiration Date
(Month/Day/Year)		 3. Title and Amount of Securities Underlying Derivative Security
(Instr. 4)		 4. Conversion or Exercise Price of Derivative Security 5. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 5)		 6. Nature of Indirect Beneficial Ownership
(Instr. 5)
Date Exercisable Expiration Date Title Amount or Number of Shares
Option (Right to Buy) (2) 04/24/1999(2) 04/24/2008 Common Stock 4,000 $ 19.75 D  
Option (Right to Buy) (2) 04/27/2001(2) 04/27/2010 Common Stock 5,000 $ 18.25 D  
Option (Right to Buy) (2) 04/26/2002(2) 04/26/2011 Common Stock 5,000 $ 22 D  
Option (Right to Buy) (2) 09/20/2002(2) 09/20/2011 Common Stock 1,999 $ 13.13 D  
Option (Right to Buy) (2) 04/25/2004(2) 04/25/2013 Common Stock 3,769 $ 6.19 D  

Reporting Owners

Reporting Owner Name / Address Relationships
Director 10% Owner Officer Other
Hatfield Gregory Michael
2800 POST OAK BLVD
SUITE 5450
HOUSTON, TX 77056-6127		       Controller  

Signatures

/s/ Gregory Michael Hatfield 05/11/2005
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 5(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) Reflects the Reporting Person's aggregated directly-owned and indirectly-owned shares (1,686), the latter being shares in the Rowan Common Stock Fund under the Company's 401(k) plan (a unitized plan) at April 30, 2005, such number of shares, which fluctuate, being calculated as equivalent values based upon the value of the total units divided by the corresponding closing price of the underlying Rowan Common Stock on that date.
(2) Options granted April 24, 1998, April 27, 2000, April 26, 2001, September 20, 2001 and April 25, 2003 under the Rowan Companies, Inc. 1988 Nonqualified Stock Option Plan, such options being exercisable 25% for each year from the date of grant. The amount in Column 3 reflects the unexercised portions of these grants.

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