Ownership Submission
FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN 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 *
CROYLE ROBERT G
   2. Issuer Name and Ticker or Trading Symbol
ROWAN COMPANIES INC [RDC] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
__X__ Director _____ 10% Owner
__X__ Officer (give title below) _____ Other (specify below)
Vice Chairman & CAO
(Last)
(First)
(Middle)
2800 POST OAK BLVD, SUITE 5450		 3. Date of Earliest Transaction (Month/Day/Year)
03/30/2006
(Street)

HOUSTON, TX 77056		 4. If Amendment, Date Original Filed(Month/Day/Year)
03/30/2006		 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 Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)		 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code
(Instr. 8)		 4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)		 5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)		 6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)		 7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V Amount (A) or (D) Price
Common Stock 03/30/2006   M   15,000 A $ 19.63 31,000 D  
Common Stock 03/30/2006   M   46,772 A $ 13.12 77,772 D  
Common Stock 03/30/2006   C   35,556 A $ 14.06 113,328 D  
Common Stock 03/30/2006   S   82,328 (1) D $ 44.9 31,000 D  

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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3)		 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code
(Instr. 8)		 5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)		 6. Date Exercisable and Expiration Date
(Month/Day/Year)		 7. Title and Amount of Underlying Securities
(Instr. 3 and 4)		 8. Price of Derivative Security
(Instr. 5)		 9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)		 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)		 11. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Employee stock option (right to buy) $ 19.63 03/30/2006   M     15,000 04/25/1998(2) 04/25/2007 Common Stock 15,000 $ 0 0 D  
Employee stock option (right to buy) $ 16.12 03/30/2006   M     46,772 09/20/2002(3) 09/20/2011 Common Stock 46,772 $ 0 0 D  
Convertible Debenture (4) $ 14.06 03/30/2006   C     $ 500,000 04/22/2000(5) 04/22/2009 Common Stock 35,556 $ 0 0 D  

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
CROYLE ROBERT G
2800 POST OAK BLVD
SUITE 5450
HOUSTON, TX 77056		   X     Vice Chairman & CAO  

Signatures

 /s/ Robert G. Croyle   03/31/2006
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 4(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) The original Form 4 for the reporting person for this transaction incorrectly stated 823,328 shares were sold. The correct number is 82,328 shares.
(2) This option vested in four equal installments on April 25, 1998, 1999, 2000 and 2001.
(3) This option vested in four equal installments on September 20, 2002, 2003, 2004 and 2005
(4) The reporting person converted $500,000 Series B Convertible Debentures on March 30, 2006 at a conversion price of $14.06 per share, resulting in the acquisition of 35,556 shares of common stock.
(5) This debenture became exercisable in four equal installments on April 22, 2000, 2001, 2002 and 2003.

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