SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C.  20549

                                    FORM 8-K

                                 CURRENT REPORT

                       PURSUANT TO SECTION 13 OR 15(d) OF
                       THE SECURITIES EXCHANGE ACT OF 1934

        DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED):  MARCH 21, 2003

                              ROWAN COMPANIES, INC.
             (EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)


                                    DELAWARE
                 (STATE OR OTHER JURISDICTION OF INCORPORATION)



          1-5491                              75-0759420
     (COMMISSION FILE NUMBER )     (IRS EMPLOYER IDENTIFICATION NO.)


                             2800 POST OAK BOULEVARD
                                   SUITE 5450
                           HOUSTON, TEXAS  77056-6127
           (ADDRESS OF PRINCIPAL EXECUTIVE OFFICE, INCLUDING ZIP CODE)



                                 (713) 621-7800
              (REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE)



Item 5.  Other Events

     Rowan  Companies,  Inc.  (the "Company"), has appointed Computershare Trust
Co,  Inc.,  as  successor  rights  agent  to  replace the existing Rights Agent,
Citibank,  N.A.,  under  the Amended and Restated Rights Agreement dated January
24,  2002 (the "Rights Agreement"). The Company has amended the Rights Agreement
to  reflect  this  replacement.

Item 7.  Financial Statements and Exhibits

(c)  Exhibits

            Exhibit
            Number                           Exhibit Description
            ------                           -------------------

              4.1             Restated  First  Amendment dated March 17, 2003 to
                              the  Amended  and  Restated Rights Agreement dated
                              January  24,  2002,  between  the  Company  and
                              Computershare  Trust  Co.,  Inc., as Rights Agent,
                              incorporated  by  reference  to Exhibit 4.2 to the
                              Company's  Form  8-A/A  dated March 21, 2003 (File
                              No.  1-5491).




                                   SIGNATURES



     Pursuant  to  the  requirements of the Securities Exchange Act of 1934, the
registrant  has  duly  caused  this  report  to  be  signed on its behalf by the
undersigned  hereunto  duly  authorized.


                              ROWAN COMPANIES, INC.


                              By: /s/ E. E. Thiele
                                  ----------------------------------------------
                                      E. E. Thiele,
                                      Senior Vice President - Administration and
                                      Finance and Principal Financial Officer


Dated:  March 21, 2003




                                INDEX TO EXHIBITS

                               EXHIBIT DESCRIPTION


            Exhibit
            Number                           Exhibit Description
            ------                           -------------------

              4.1          Restated First Amendment dated March 17, 2003 to the
                           Amended  and  Restated Rights Agreement dated January
                           24, 2002, between the Company and Computershare Trust
                           Co., Inc., as Rights Agent, incorporated by reference
                           to Exhibit 4.2 to the Company's Form 8-A/A dated
                           March 21, 2003 (File No. 1-5491).