july1retirementsavings11_k.htm
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 11-K
[ ]ANNUAL REPORT PURSUANT TO SECTION 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended ________
OR
[X] TRANSITION REPORT PURSUANT
TO SECTION 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from January 1, 2009
to July 1, 2009
Commission File
Number 1-5491
|
A.
|
Full title of the plan and the address of the plan, if different from
that of the issuer named below:
|
ROWAN COMPANIES, INC. RETIREMENT SAVINGS
PLAN
|
B.
|
Name of issuer of the securities held pursuant to the plan and the
address of its principal executive office:
|
Rowan Companies, Inc.
2800 Post Oak Boulevard, Suite 5450
Houston, Texas 77056-6189
REQUIRED
INFORMATION
The Rowan Companies, Inc. Retirement
Savings Plan (the “Plan”) is subject to the Employee Retirement Income Security
Act of 1974 (“ERISA”). Therefore, in lieu of the requirements of
Items 1-3 of Form 11-K, the financial statements of the Plan for and as of the
fiscal year and fiscal year-ends reflected therein, which have been prepared in
accordance with the financial reporting requirements of ERISA, are attached
hereto as Appendix 1 and incorporated herein by this reference.
SIGNATURES
The Plan, Pursuant to the
requirements of the Securities and Exchange Act of 1934, the trustees (or other
persons who administer the employee benefit plan) have duly caused this annual
report to be signed on its behalf by the undersigned hereunto duly
authorized.
ROWAN COMPANIES,
INC. RETIREMENT SAVINGS PLAN
|
By:
|
Rowan
Companies, Inc. Savings and Investment Plan Administrative
Committee
|
|
| |
|
|
|
/s/
|
GARY
L. MARSH
|
December
22, 2009
|
|
|
Gary
L. Marsh
|
|
ROWAN
COMPANIES, INC. RETIREMENT SAVINGS PLAN
Note:
Schedules required by 29 CFR 2520.103-10 of the Department of Labor’s Rules and
Regulations for reporting and disclosure under ERISA have been omitted because
they are not applicable.
Rowan
Companies, Inc. Retirement Savings Plan:
We have
audited the accompanying statements of net assets available for benefits of the
Rowan Companies, Inc. Retirement Savings Plan (the “Plan”) as of July 1, 2009
and December 31, 2008, and the related statements of changes in net assets
available for benefits for the period from January 1, 2009 to July 1, 2009 and
for the year ended December 31, 2008. These financial statements are
the responsibility of the Plan’s management. Our responsibility is to
express an opinion on these financial statements based on our
audits.
We
conducted our audits in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require
that we plan and perform the audits to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An audit
also includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements, assessing the accounting principles
used and significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audits
provide a reasonable basis for our opinion.
In our
opinion, such financial statements present fairly, in all material respects, the
net assets available for benefits of the Plan as of July 1, 2009 and December
31, 2008 and the changes in net assets available for benefits for the period
from January 1, 2009 to July 1, 2009 and for the year ended December 31, 2008 in
conformity with accounting principles generally accepted in the United States of
America.
/s/
MCCONNELL & JONES LLP
McConnell
& Jones LLP
Houston,
Texas
December
17, 2009
July
1, 2009 and December 31, 2008
|
|
|
July
1, 2009
|
|
|
December
31, 2008
|
|
|
Assets
|
|
|
|
|
|
|
|
Investment,
at fair value:
|
|
|
|
|
|
|
|
Plan
interest in Master Trust
1
|
|
$ |
- |
|
|
$ |
328,205 |
|
|
|
|
|
|
|
|
|
|
|
|
Receivables
|
|
|
|
|
|
|
|
|
|
Employer
contributions
|
|
|
- |
|
|
|
56,212 |
|
|
Participant
contributions
|
|
|
- |
|
|
|
59,202 |
|
|
|
|
|
- |
|
|
|
115,414 |
|
|
|
|
|
|
|
|
|
|
|
|
Net
Assets Available for Benefits at Fair Value
|
|
|
- |
|
|
|
443,619 |
|
|
|
|
|
|
|
|
|
|
|
|
Adjustment
from fair value to contract value for fully benefit-responsive
investment contracts
|
|
|
- |
|
|
|
569 |
|
|
|
|
|
|
|
|
|
|
|
|
Net
Assets Available for Benefits
|
|
$ |
- |
|
|
$ |
444,188 |
|
|
|
|
|
|
|
|
|
|
|
1
Represents 5% or more of net assets available for benefits.
Rowan
Companies, Inc. Retirement Savings Plan
Statements
of Changes in Net Assets Available for Benefits
Period
Ended July 1, 2009 and Year Ended December 31, 2008
|
|
|
Period
Ended July 1, 2009
|
|
|
Year
Ended December 31, 2008
|
|
|
Investment
Income (Loss)
|
|
|
|
|
|
|
|
Plan
interest in net income (loss) of Master Trust
|
|
$ |
118,762 |
|
|
$ |
(61,414 |
) |
|
|
|
|
|
|
|
|
|
|
|
Contributions
|
|
|
|
|
|
|
|
|
|
Employer
|
|
|
333,305 |
|
|
|
230,522 |
|
|
Participant
|
|
|
353,712 |
|
|
|
240,178 |
|
|
Rollovers
|
|
|
13,836 |
|
|
|
47,666 |
|
|
Total
contributions
|
|
|
700,853 |
|
|
|
518,366 |
|
|
Deductions
|
|
|
|
|
|
|
|
|
|
Benefits
paid directly to participants
|
|
|
57,700 |
|
|
|
11,591 |
|
|
Administrative
expenses
|
|
|
1,561 |
|
|
|
1,173 |
|
|
|
|
|
|
|
|
|
|
|
|
Total
deductions
|
|
|
59,261 |
|
|
|
12,764 |
|
|
|
|
|
|
|
|
|
|
|
|
Net
Increase
|
|
|
760,354 |
|
|
|
444,188 |
|
|
|
|
|
|
|
|
|
|
|
|
Transfers
from the plan
|
|
|
(1,204,542 |
) |
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
Net
Assets Available for Benefits, Beginning of Period
|
|
|
444,188 |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
Net
Assets Available for Benefits, End of Period
|
|
$ |
- |
|
|
$ |
444,188 |
|
|
|
|
|
|
|
|
|
|
|
Rowan
Companies, Inc. Retirement Savings Plan
Notes
to Financial Statements
July
1, 2009 and December 31, 2008
1. PLAN
DESCRIPTION
The
following brief description of the Rowan Companies, Inc. Retirement Savings Plan
(the “Plan”) is provided for general informational purposes
only. Participants should refer to the Plan agreement for more
complete information.
General –
The Plan is a defined contribution, individual account 401(k) plan covering
certain drilling division employees of Rowan Companies, Inc. and its
subsidiaries (“Rowan”). The Plan document was adopted effective January 1,
2008.
The Plan
was merged into another defined contribution, individual account 401(k) plan
administered by Rowan effective July 1, 2009.
Participation
– Employees hired on or after January 1, 2008 were eligible to enter the Plan on
the first day of the next month following completion of two months of
service. Employees hired before January 1, 2008 were not eligible to
enter the Plan, but were eligible to enter a separate defined contribution,
individual account 401(k) plan administered by Rowan.
Funding –
Plan participants could make contributions to the Plan of up to 100% of their
regular compensation on a before-tax basis subject to certain limitations.
Eligible employees were subject to automatic enrollment whereby Rowan
automatically deducted 3% from their pay on a pre-tax basis following a 30 day
notice period. The deferral rate was increased by 1% each year until reaching a
maximum of 6% of compensation. Employees could elect to stop or change this
automatic contribution. Rowan made Qualified Automatic Safe Harbor
Matching Contributions to all participants in an amount equal to 100% of the
first 6% of the participant’s contribution. Participants who attained
the age of 50 before the end of the calendar year could make additional
before-tax contributions to the Plan.
Investment
Options – The assets of the Plan are held in the Master Trust for Rowan
Companies and Affiliates Defined Contribution Plans (the “Master Trust”) and
managed by Fidelity Management Trust Company, the Trustee of the Plan (the
“Trustee”). Plan participants direct the investment of their accounts
among the Plan’s investment options and may, at their sole discretion, transfer
amounts between such options, including the Rowan Companies Unitized Stock Fund
(the “Fund”), at any time.
Expenses –
Participants’ accounts are charged with investment advisory and other fees by
the Trustee through charges by the underlying funds. Other expenses
of administering the Plan and Master Trust are borne by the Plan or by Rowan, at
its discretion.
Vesting
Provisions – Participants are 100% vested at all times in their own
contributions, plus any earnings accrued thereon. Qualified Automatic Safe
Harbor Matching Contributions and earnings thereon are fully vested after two
years of service.
Distributions
– Participants can obtain lump-sum or installment distributions of vested
balances upon termination of employment, retirement, disability or death.
Participants may be permitted to withdraw their before-tax account upon
attainment of age 59 ½ or hardship in accordance with the terms of the
Plan.
Rowan
Companies, Inc. Retirement Savings Plan
Notes
to Financial Statements
July
1, 2009 and December 31, 2008
Forfeitures
– Upon termination of employment, participants’ nonvested balances are
forfeited. Such forfeitures can be applied to reduce employer
contributions. At June 30, 2009 and December 31, 2008, Plan assets
included approximately $44,000 and $3,500, respectively, of nonvested forfeited
accounts.
Party-in-Interest
Transactions – The investment by the Trustee of Plan contributions into
mutual funds managed by an affiliate of the Trustee are party-in-interest
transactions, and the related management fees are deducted from investment
earnings. Rowan is also a party-in-interest.
2. SUMMARY
OF SIGNIFICANT ACCOUNTING POLICIES
Basis of
Accounting – The financial statements are prepared on the accrual basis
of accounting in accordance with accounting principles generally accepted in the
United States of America.
Investment
Valuation and Income Recognition – Investments held in the Master Trust
are stated at fair value, except as noted in the following paragraph, in
accordance with Financial Accounting Standards Board Statement No. 157, Fair Value Measurements (FASB
Statement No. 157) (See Note 6). Purchases and sales of securities are recorded
on a trade-date-basis.
The FASB
issued FSP AAG INV-1 and SOP 94-4-1 Reporting of Fully
Benefit-Responsive Investment Contracts Held by Certain Investment Companies
Subject to the AICPA Investment Company Guide and Defined-Contribution Health
and Welfare and Pension Plans (the FSP) which requires benefit-responsive
investment contracts held by a defined-contribution plan to be reported at fair
value. However, contract value is the relevant measurement attribute for that
portion of the net assets available for benefits of a defined-contribution plan
attributable to fully benefit-responsive investment contracts because contract
value is the amount participants would receive if they were to initiate
permitted transactions under the terms of the plan. The FSP, requires the
Statement of Net Assets Available for Benefits to present the fair value of the
investment contracts as well as the adjustment of the fully benefit-responsive
investment contracts from fair value to contract value, if material (See Note
5). The Statement of Changes in Net Assets Available for Benefits is prepared on
a contract value basis.
For the
purpose of allocation to participants, the Fund is valued by the Plan at its
unit price (comprised of market price plus uninvested cash position) on the date
of allocation and current unit price is used at the time of distribution to
participants resulting in a realized gain or loss reflected in the income from
the Plan’s investment in the Master Trust.
Net
appreciation (depreciation) of investments is comprised of realized and
unrealized gains and losses. Realized gains or losses represent the difference
between proceeds received upon sale and the average cost of the investment.
Unrealized gain or loss is the difference between market value and cost of
investments retained in the Plan (at financial statement date).
Investment
income from the Plan’s investment in the Master Trust consists of the Plan’s
proportionate share of the Master Trust’s interest and dividend income and net
appreciation (depreciation) in fair value of investments. The Trustee records
dividend income as of the ex-dividend date and accrues interest income as
earned.
Rowan
Companies, Inc. Retirement Savings Plan
Notes
to Financial Statements
July
1, 2009 and December 31, 2008
Payment of
Benefits – Benefits are recorded when paid.
Use of
Estimates – The preparation of
financial statements in conformity with accounting principles generally accepted
in the United States of America requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities and
changes therein, and disclosure of contingent assets and liabilities. Actual
results could differ from those estimates.
3. RISKS
AND UNCERTAINTIES
Investment
securities are exposed to various risks, such as interest rate, market, and
credit. Due to the level of risk associated with certain investment securities
and the level of uncertainty related to changes in the value of investment
securities, it is at least reasonably possible that changes in risks in the near
term could materially affect the amounts reported in the Statement of Net Assets
Available for Benefits.
4. INVESTMENT
IN MASTER TRUST
The
Master Trust for Rowan Companies and Affiliates Defined Contribution Plans
commingles, for investment and administrative purposes, Plan assets with those
of another plan sponsored by a Rowan subsidiary. The Trustee
maintains supporting records for the purpose of allocating investment gains or
losses to the participating plans. Plan interest in the net assets of
the Master Trust is based on the assets held by each plan in the Master Trust on
an actual basis. Net investment gains or losses for each day are
allocated by the Trustee to each participating plan based on the plans’ relative
interest in the investment units of the Master Trust. At June 30,
2009 (the most current valuation date immediately preceding the plan merger) and
December 31, 2008, the Master Trust held the following investments:
|
|
|
June
30, 2009
|
|
|
December
31, 2008
|
|
|
|
|
Amount
|
|
|
%
|
|
|
Amount
|
|
|
%
|
|
|
Interest
bearing cash
|
|
$ |
19,646,967 |
|
|
|
17 |
% |
|
$ |
18,591,044 |
|
|
|
18 |
% |
|
Employer
securities
|
|
|
18,798,626 |
|
|
|
16 |
% |
|
|
14,827,768 |
|
|
|
15 |
% |
|
Stable
value fund
|
|
|
11,536,460 |
|
|
|
10 |
% |
|
|
11,315,316 |
|
|
|
11 |
% |
|
Registered
investment companies
|
|
|
68,355,156 |
|
|
|
57 |
% |
|
|
57,633,523 |
|
|
|
56 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
investments at fair value
|
|
$ |
118,337,209 |
|
|
|
100 |
% |
|
$ |
102,367,651 |
|
|
|
100 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rowan
Companies, Inc. Retirement Savings Plan
Notes
to Financial Statements
July
1, 2009 and December 31, 2008
Investment
income (loss) for the Master Trust for the period from January 1, 2009 to June
30, 2009 and for the year ended December 31, 2008 was as follows:
|
|
|
June
30,
2009
|
|
|
December
31, 2008
|
|
|
Investment
income (loss):
|
|
|
|
|
|
|
|
Net
appreciation (depreciation) in fair value of
investments
|
|
$ |
9,088,480 |
|
|
$ |
(44,572,656 |
) |
|
Interest
and dividends
|
|
|
48,186 |
|
|
|
731,243 |
|
|
Net
investment income (loss)
|
|
|
9,136,666 |
|
|
|
(43,841,413 |
) |
|
|
|
|
|
|
|
|
|
|
|
Expenses
|
|
|
(29,766 |
) |
|
|
(92,521 |
) |
|
|
|
|
|
|
|
|
|
|
|
Net
income (loss)
|
|
$ |
9,106,900 |
|
|
$ |
(43,933,934 |
) |
|
|
|
|
|
|
|
|
|
|
The
Plan’s interest in the Master Trust’s total investment units was approximately
1.02% and 0.03% at June 30, 2009 and December 31, 2008, respectively, with the
balance attributed to the other Rowan-sponsored plans. Effective July
1, 2009, all assets of the Plan were merged into another defined contribution,
individual account 401(k) plan administered by Rowan.
The
Master Trust invests a significant portion of its assets in employer securities
which approximates 16% and 15% of the Master Trust’s net assets available for
benefits as of June 30, 2009 and December 31, 2008, respectively. As
a result of this concentration, any significant fluctuation in the market value
of this stock could affect individual participant accounts and the net assets of
the Plan.
5. FULLY
BENEFIT- RESPONSIVE INVESTMENT CONTRACTS
The Plan
has an interest in a Stable Value Fund that has investments in fixed income
securities and bond funds and may include derivative instruments, such as
futures contracts and swap agreements. The stable value fund also enters into a
“wrapper” contract issued by a third-party.
As
described in Note 2, because these contracts are fully benefit-responsive,
contract value is the relevant measurement attribute for that portion of the net
assets available for benefits attributable to these contracts. Contract value
represents contributions made under the contract, plus earnings, less
participant withdrawals and administrative expenses. Participants may ordinarily
direct the withdrawal or transfer of all or a portion of their investment at
contract value.
The
average yield earned by the contract for the period from January 1, 2009 to June
30, 2009 and for the year ended December 31, 2008 was 3.20% and 3.57%,
respectively. The average yield earned to reflect the actual interest rate
credited to participants for the period from January 1, 2009 to June 30, 2009
and for the year ended December 31, 2008 was 1.99% and 3.04%,
respectively.
Rowan
Companies, Inc. Retirement Savings Plan
Notes
to Financial Statements
July
1, 2009 and December 31, 2008
There are
no reserves against contract value for credit risk of the contract issuer or
otherwise. The crediting interest rate is based on a formula agreed upon with
the issuer, but it may not be less than zero percent. Such interest rates are
reviewed on a quarterly basis for resetting.
6. FAIR
VALUE MEASUREMENTS
FASB
Statement No. 157 establishes a framework for measuring fair value. That
framework provides a fair value hierarchy that prioritizes the inputs to
valuation techniques used to measure fair value. The hierarchy gives the highest
priority to unadjusted quoted prices in active markets for identical assets or
liabilities (level 1 measurements) and the lowest priority to unobservable
inputs (level 3 measurements). The three levels of the fair value hierarchy
under FASB Statement No. 157 are described below:
Level
1 - Inputs to the valuation methodology are unadjusted quoted prices for
identical assets or liabilities in active markets that the Plan has the
ability to access.
|
|
Level
2 - Inputs to the valuation methodology
include:
|
|
•
|
Quoted
prices for similar assets or liabilities in active markets;
|
|
•
|
Quoted
prices for identical or similar assets or liabilities in inactive
markets;
|
|
•
|
Inputs
other than quoted prices that are observable for the asset or
liability;
|
|
•
|
Inputs
that are derived principally from or corroborated by observable
market data by correlation or other means.
|
If the
asset or liability has a specified (contractual) term, the level 2
input must be observable for substantially the full term of the
asset or liability.
Level 3 -
Inputs to the valuation methodology are unobservable and significant to the
fair value measurement.
The asset
or liability’s fair value measurement level within the fair value hierarchy
is based on the lowest level of any input that is significant to the fair
value measurement. Valuation techniques used need to maximize the use of
observable inputs and minimize the use of unobservable inputs.
The
following is a description of the valuation methodologies used for assets
measured at fair value.
Common stocks: Valued
at the closing price reported on the active market on which the
individual securities are traded.
Mutual funds: Valued at
the net asset value (‘NAV”) of shares held by the plan at year
end.
Stable value fund: Valued at
fair value by discounting the related cash flows based on current yields of
similar instruments with comparable durations considering
the credit-worthiness of the issuer (See Note 5).
Rowan
Companies, Inc. Retirement Savings Plan
Notes
to Financial Statements
July
1, 2009 and December 31, 2008
Employer securities (Rowan Companies
Unitized Stock Fund): The value of a unit in the Fund is based on the
NAV, which is the closing price of the underlying common stock in the principal
active market on which the securities are traded and the uninvested cash
position held by the fund, divided by the number of units
outstanding.
The
methods described above may produce a fair value calculation that may not
be indicative of net realizable value or reflective of future fair values.
Furthermore, while the Plan believes its valuation methods are appropriate
and consistent with other market participants, the use of different
methodologies or assumptions to determine the fair value of certain financial
instruments could result in a different fair value measurement at the
reporting date.
The
following table sets forth by level, within the fair value hierarchy, the
Master Trust’s assets at fair value as of June 30, 2009:
|
|
|
Assets
at Fair Value as of June 30, 2009
|
|
|
|
|
Level
1
|
|
|
Level
2
|
|
|
Level
3
|
|
|
Total
|
|
|
Interest
bearing cash
|
|
$ |
19,646,967 |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
19,646,967 |
|
|
Employer
securities
|
|
|
18,798,626 |
|
|
|
- |
|
|
|
- |
|
|
|
18,798,626 |
|
|
Stable
value fund
|
|
|
- |
|
|
|
11,536,460 |
|
|
|
- |
|
|
|
11,536,460 |
|
|
Registered
investment companies
|
|
|
68,355,156 |
|
|
|
- |
|
|
|
- |
|
|
|
68,355,156 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
106,800,749 |
|
|
$ |
11,536,460 |
|
|
$ |
- |
|
|
$ |
118,337,209 |
|
The
following table sets forth by level, within the fair value hierarchy, the
Master Trust’s assets at fair value as of December 31, 2008:
|
|
|
Assets
at Fair Value as of December 31, 2008
|
|
|
|
|
Level
1
|
|
|
Level
2
|
|
|
Level
3
|
|
|
Total
|
|
|
Interest
bearing cash
|
|
$ |
18,591,044 |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
18,591,044 |
|
|
Employer
securities
|
|
|
14,827,768 |
|
|
|
- |
|
|
|
- |
|
|
|
14,827,768 |
|
|
Stable
value fund
|
|
|
- |
|
|
|
11,315,316 |
|
|
|
- |
|
|
|
11,315,316 |
|
|
Registered
investment companies
|
|
|
57,633,523 |
|
|
|
- |
|
|
|
- |
|
|
|
57,633,523 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
91,052,335 |
|
|
$ |
11,315,316 |
|
|
$ |
- |
|
|
$ |
102,367,651 |
|
Rowan
Companies, Inc. Retirement Savings Plan
Notes
to Financial Statements
July
1, 2009 and December 31, 2008
7. TAX
STATUS OF THE PLAN
The
Plan’s trustee received a favorable opinion letter dated October 9, 2003, from
the Internal Revenue
Service
informing the trustee that their prototype non-standardized profit sharing plan
is qualified under provisions of Section 401(a) of the Internal Revenue Code.
The plan administrator believes that the Plan is currently designed and being
operated in compliance with the applicable requirements of the Internal Revenue
Code. Therefore, no provision for income taxes has been included in the Plan’s
financial statements.
8. TRANSACTIONS
WITH PARTIES-IN-INTEREST
Certain
Plan investments are funds managed by the Plan’s trustee and therefore qualify
as party-in-interest transactions. Other party-in-interest
investments held by the Plan include Rowan common stock, which totaled $18,558
at December 31, 2008.
Fees paid
during the year for legal, accounting, and other professional services rendered
by parties-in-interest were based on customary and reasonable rates for such
services.
9. RECONCILIATION
OF FINANCIAL STATEMENTS TO FORM 5500
The
following is a reconciliation of net assets available for benefits per the
financial statements to Form 5500:
|
|
|
July
1,
2009
|
|
|
December
31, 2008
|
|
|
Net
Assets Available for Benefits per the
|
|
|
|
|
|
|
|
financial
statements
|
|
$ |
- |
|
|
$ |
444,188 |
|
|
Adjustment
from contract value to fair value for
|
|
|
|
|
|
|
|
|
|
fully
benefit-responsive contracts
|
|
|
- |
|
|
|
(569 |
) |
|
|
|
|
|
|
|
|
|
|
|
Net
Assets Available for Benefits per Form 5500
|
|
$ |
- |
|
|
$ |
443,619 |
|
|
|
|
|
|
|
|
|
|
|
Rowan
Companies, Inc. Retirement Savings Plan
Notes
to Financial Statements
July
1, 2009 and December 31, 2008
The
following is a reconciliation of the changes in net assets available for
benefits per the financial statements to Form 5500 for the period from January
1, 2009 to July 1, 2009:
|
Increase
in Net Assets Available for Benefits per the
|
|
|
|
|
financial
statements
|
|
$ |
760,354 |
|
|
Reversal
of adjustment from contract value to fair value for
|
|
|
|
|
|
fully
benefit-responsive contracts
|
|
|
569 |
|
|
Increase
in Net Assets Available for Benefits per
|
|
|
|
|
|
Form
5500
|
|
$ |
760,923 |
|
|
|
|
|
|
|
The
following is a reconciliation of the changes in net assets available for
benefits per the financial statements to Form 5500 for the year ended December
31, 2008:
|
Increase
in Net Assets Available for Benefits per the
|
|
|
|
|
financial
statements
|
|
$ |
444,188 |
|
|
Adjustment
from contract value to fair value for
|
|
|
|
|
|
fully
benefit-responsive contracts
|
|
|
(569 |
) |
|
Increase
in Net Assets Available for Benefits per
|
|
|
|
|
|
Form
5500
|
|
$ |
443,619 |
|
|
|
|
|
|
|
EXHIBIT
23.1
CONSENT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
We
consent to the incorporation by reference in Registration Statement No.
333-25041 of Rowan Companies, Inc. on Form S-8 of our report dated December 17,
2009 appearing in this Transition Report on Form 11-K of the Rowan Companies,
Inc. Retirement Savings Plan as of July 1, 2009 and December 31, 2008 and for
the period from January 1, 2009 to July 1, 2009 and the year ended December 31,
2008.
/s/
MCCONNELL & JONES LLP
McConnell
& Jones LLP
Houston,
Texas
December
22, 2009