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OMB APPROVAL
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OMB Number 3235-0362
Expires: January 31, 2005
Estimated average burden
hours per response ....... 1.0
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U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 5
ANNUAL STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
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
[_] Check box if no longer subject to Section 16. Form 4 or Form 5 obligations
may continue. See Instruction 1(b).
[_] Form 3 Holdings Reported
[_] Form 4 Transactions Reported
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1. Name and Address of Reporting Person*
Croyle Robert G.
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(Last) (First) (Middle)
2800 Post Oak Blvd., Suite 5450
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(Street)
Houston Texas 77056-6127
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(City) (State) (Zip)
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2. Issuer Name and Ticker or Trading Symbol
Rowan Companies, Inc. (RDC)
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3. IRS Identification Number of Reporting Person, if an Entity (Voluntary)
________________________________________________________________________________
4. Statement for Month/Year
December 2002
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5. If Amendment, Date of Original (Month/Year)
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6. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
[X] Director [_] 10% Owner
[X] Officer (give title below) [_] Other (specify below)
Vice Chairman of the Board & CAO
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7. Individual or Joint/Group Filing
(Check applicable line)
[X] Form filed by one Reporting Person
[_] Form filed by more than one Reporting Person
________________________________________________________________________________
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TABLE I -- NON-DERIVATIVE SECURITIES ACQUIRED, DISPOSED OF,
OR BENEFICIALLY OWNED
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3. 4. 5. 6. 7.
2. 2A. Trans- Securities Acquired (A) Amount of Owner- Nature of
Trans- Deemed action or Disposed of (D) Securities ship Indirect
action Execution Code (Instr. 3, 4 and 5) Beneficially Form: Beneficial
Date Date, if (Instr. 8) Owned at end Direct Owner-
any of Issuer's (D) or ship
1. (Month/ (Month/ (A) Fiscal Year Indirect
Title of Security Day/ Day/ or (I)
(Instr. 3) Year) Year) Amount (D) Price (Instr. 3 and 4) (Instr. 4) (Instr. 4)
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Common Stock 12/13/02 G 1,000 D 21,000 D
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See Table II
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*If the Form is filed by more than one Reporting Person, see Instruction
4(b)(v).
PERSONS WHO RESPOND TO THE COLLECTION OF INFORMATION CONTAINED
IN THIS FORM ARE NOT REQUIRED TO RESPOND UNLESS THE FORM DISPLAYS
A CURRENTLY VALID OMB CONTROL NUMBER.
(Over)
SEC 2270 (9-02)
FORM 5 (continued)
TABLE II -- DERIVATIVE SECURITIES ACQUIRED, DISPOSED OF, OR BENEFICIALLY OWNED
(E.G., PUTS, CALLS, WARRANTS, OPTIONS, CONVERTIBLE SECURITIES)
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9. 10.
Number Owner-
of ship
2. Deriv- of
Conver- 5. 7. ative Deriv- 11.
sion Number of Title and Amount Secur- ative Nature
or 3A. Derivative 6. of Underlying 8. ities Secur- of
Exer- Deemed 4. Securities Date Securities Price Bene- ity: In-
cise 3. Execution Trans- Acquired (A) Exercisable and (Instr. 3 and 4) of ficially Direct direct
Price Trans- Date, if action or Disposed Expiration Date ---------------- Deriv- Owned (D) or Bene-
1. of action any Code of(D) (Month/Day/Year) Amount ative at End In- ficial
Title of Deriv- Date (Instr. (Instr. 3, ---------------- or Secur- of Year direct Owner-
Derivative ative (Month/ (Month/ 8) 4 and 5) Date Expira- Number ity (I) ship
Security Secur- Day/ Day/ ------------ Exer- tion of (Instr. (Instr. (Instr.
(Instr. 3) ity Year) Year) (A) (D) cisable Date Title Shares 5) (Instr. 4) 4) 4)
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*Option (Right to Buy) $18.45 07/25/02 A 12,500 7/25/03 7/25/12 Common Stock 12,500
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*Option (Right to Buy) $18.45 07/25/02 A 12,500 7/25/04 7/25/12 Common Stock 12,500
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*Option (Right to Buy) $18.45 07/25/02 A 12,500 7/25/05 7/25/12 Common Stock 12,500
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*Option (Right to Buy) $18.45 07/25/02 A 12,500 7/25/06 7/25/12 Common Stock 12,500
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50,000 D
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Explanation of Responses:
(1)This option was granted July 25, 2002 under the Rowan Companies, Inc. 1998
Nonqualified Stock Option Plan in a transaction exempt under Rule 16b-3.
This option becomes exercisable 25% for each year from date of grant.
By: /s/Robert G. Croyle 1/16/03
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**Signature of Reporting Person Date
**Intentional misstatements or omissions of facts constitute Federal Criminal
Violations.
See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed.
If space is insufficient, See Instruction 6 for procedure.
Potential persons who are to respond to the collection of information contained
in this form are not required to respond unless the form displays a currently
valid OMB number.
Page 2
SEC 2270 (9-02)