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<TITLE>Filed by Bowne Pure Compliance</TITLE>
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<P style="font-size: 14pt" align="center"><B>UNITED STATES<BR>
SECURITIES AND
EXCHANGE COMMISSION<BR>
<FONT style="font-size: 12pt">Washington, D.C. 20549
</FONT></B>

<P style="font-size: 18pt" align="center"><B>FORM 8-K</B>

<P style="font-size: 12pt" align="center"><B>CURRENT REPORT<BR>
Pursuant to
Section 13 or 15(d) of the Securities Exchange Act of 1934</B>

<P style="font-size: 10pt" align="center"><B>Date of Report (Date of earliest
event reported): February 5, 2009</B>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><IMG src="c80665p8066501.gif" alt="(ROWAN COMPANIES LOGO)">
</DIV>


<P style="font-size: 24pt" align="center"><B>ROWAN COMPANIES,
INC.<BR>
</B><FONT style="font-size: 10pt">(Exact name of registrant as
specified in its charter) </FONT>
<TABLE style="font-size: 10pt; text-align: center" cellspacing="0"  cellpadding="0" width="100%" border="0">

 <TR>
  <TD width="32%">&nbsp;</TD>
  <TD width="1%">&nbsp;</TD>
  <TD width="33%">&nbsp;</TD>
  <TD width="1%">&nbsp;</TD>
  <TD width="32%">&nbsp;</TD>
 </TR>
 <TR valign="bottom">
  <TD style="border-bottom: #000000 1px solid"><B>Delaware</B></TD>
  <TD>&nbsp;</TD>
  <TD style="border-bottom: #000000 1px solid"><B>1-5491</B></TD>
  <TD>&nbsp;</TD>
  <TD style="border-bottom: #000000 1px solid"><B>75-0759420</B></TD>
 </TR>
 <TR valign="top">
  <TD>(State or other Jurisdiction of Incorporation)</TD>
  <TD>&nbsp;</TD>
  <TD>(Commission File Number)</TD>
  <TD>&nbsp;</TD>
  <TD>(IRS Employer Identification No.)</TD>
 </TR>

</TABLE>
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  <TD width="49%">&nbsp;</TD>
  <TD width="1%">&nbsp;</TD>
  <TD width="49%">&nbsp;</TD>
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 <TR valign="bottom">
  <TD style="border-bottom: #000000 1px solid"><B>2800 Post Oak
Boulevard<BR>
Suite 5450<BR>
Houston, Texas<BR>
</B></TD>
  <TD>&nbsp;</TD>
  <TD style="border-bottom: #000000 1px solid"><B>77056-6189</B></TD>
 </TR>
 <TR valign="top">
  <TD>(Address of Principal Executive Offices)</TD>
  <TD>&nbsp;</TD>
  <TD>(Zip Code)</TD>
 </TR>

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<P style="font-size: 10pt" align="center">Registrant&#8217;s telephone number,
including area code: <B>(713) 621-7800</B>
<TABLE style="font-size: 10pt; text-align: center" cellspacing="0"  cellpadding="0" width="30%" border="0">

 <TR>
  <TD width="100%">&nbsp;</TD>
 </TR>
 <TR>
  <TD style="border-bottom: #000000 1px solid" nowrap><B>Not
Applicable<BR>
</B></TD>
 </TR>
 <TR>
  <TD nowrap>(Former name or former address if changed since last report.)</TD>
 </TR>

</TABLE>


<P style="font-size: 10pt" align="left">Check the appropriate box below if the
Form 8-K filing is intended to simultaneously satisfy the filing obligation of
the registrant under any of the following provisions:

<P style="font-size: 10pt" align="left"><FONT face="Wingdings">o</FONT> Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)<BR>
<BR>
<FONT face="Wingdings">o</FONT> Soliciting material pursuant
to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)<BR>
<BR>
<FONT  face="Wingdings">o</FONT> Pre-commencement communications pursuant to Rule
14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))<BR>
<BR>
<FONT  face="Wingdings">o</FONT> Pre-commencement communications pursuant to Rule
13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))<BR>



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<P style="font-size: 10pt" align="center">&nbsp;

<P style="display: none; font-size: 10pt" align="center">1
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 <TR
style="font-size: 10pt; background: none transparent scroll repeat 0% 0%; color: #000000"
valign="top">
  <TD nowrap align="left" width="3%"><B>Item&nbsp;8.01</B></TD>
  <TD width="1%">&nbsp;</TD>
  <TD><B>Other Events.</B></TD>
 </TR>

</TABLE>


<P style="font-size: 10pt; text-indent: 2%" align="left">On February&nbsp;5,
2009, Rowan Companies, Inc. (the &#8220;Company&#8221;) and Steel Partners II,
L.P. (&#8220;Steel&#8221;) entered into a letter agreement (the
&#8220;Agreement&#8221;), pursuant to which Steel has agreed not to seek to
nominate any candidates to stand for election to the Board of Directors of the
Company (the &#8220;Board&#8221;) or engage in the solicitation of proxies with
respect to the election or removal of directors or any other matter to be voted
on at the Company&#8217;s 2009 Annual Meeting of Stockholders (the &#8220;2009
Annual Meeting&#8221;). The Company has agreed to nominate a Steel designee for
election to Class III of the Board for election at the 2009 Annual Meeting and
to recommend the election and solicit proxies for the election of the Steel
designee and three other nominees to be chosen by the Board. Immediately before
such election, the Board will increase the size of the Board from 11 members to
12 members. Until after the Company&#8217;s 2010 Annual Meeting of
Stockholders, the Board will not increase the size of the Board in excess of 12
members and will not take any action that would cause the number of directors
comprising Class&nbsp;I of the Board to change from four members. The parties
agreed that either the Steel designee or John J. Quicke, a current director,
will serve on the Audit Committee of the Board and the other will serve on the
Compensation Committee of the Board, effective promptly following the 2009
Annual Meeting.

<P style="font-size: 10pt; text-indent: 2%" align="left">Additionally, the
Company will reimburse Steel for its reasonable, documented, out-of-pocket
expenses incurred in connection with Steel&#8217;s intended nomination of
directors and solicitation of proxies from the Company&#8217;s stockholders at
the 2009 Annual Meeting and the negotiation of the Agreement, in an aggregate
amount not to exceed $25,000.

<P style="font-size: 10pt; text-indent: 2%" align="left">The Company will cease
to have any obligations under the Agreement and Steel will cause the Steel
designee to resign as a director if, at any time, Steel and certain of its
affiliates cease at any time to beneficially own and have an economic interest
in or representing, in the aggregate at least 5% of the total shares of common
stock of the Company then outstanding.

<P style="font-size: 10pt; text-indent: 2%" align="left">The foregoing summary
of the Agreement does not purport to be complete and is subject to, and
qualified in its entirety by, the full text of the Agreement, which is attached
as Exhibit&nbsp;99.1, and incorporated herein by reference.

<P>
<TABLE style="font-size: 10pt" cellspacing="0" cellpadding="0" width="100%"
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 <TR
style="font-size: 10pt; background: none transparent scroll repeat 0% 0%; color: #000000"
valign="top">
  <TD nowrap align="left" width="3%"><B>Item&nbsp;9.01.</B></TD>
  <TD width="1%">&nbsp;</TD>
  <TD><B>Financial Statements and Exhibits.</B></TD>
 </TR>

</TABLE>


<P>
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border="0">

 <TR
style="font-size: 10pt; background: none transparent scroll repeat 0% 0%; color: #000000"
valign="top">
  <TD style="background: none transparent scroll repeat 0% 0%"
width="2%">&nbsp;</TD>
  <TD nowrap align="left" width="3%">(d)</TD>
  <TD width="1%">&nbsp;</TD>
  <TD><U>Exhibits</U>.</TD>
 </TR>

</TABLE>

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border="0">
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  <TD width="6%">&nbsp;</TD>
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 </TR>
 <TR style="font-size: 10pt" valign="bottom">
  <TD style="border-bottom: #000000 1px solid" nowrap align="left"><B>EXHIBIT<BR>
NUMBER</B></TD>
  <TD>&nbsp;</TD>
  <TD style="border-bottom: #000000 1px solid" nowrap align="center"><B>EXHIBIT
DESCRIPTION</B></TD>
 </TR>
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  <TD valign="top">
<DIV style="margin-left: 0px; text-indent: 0px">99.1 </DIV>
</TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="left">Agreement dated February&nbsp;5, 2009, between
Rowan Companies, Inc. and Steel Partners II, L.P.</TD>
 </TR>
 <TR valign="bottom">
  <TD valign="top">
<DIV style="margin-left: 0px; text-indent: 0px"><BR>99.2 </DIV>
</TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="left"><BR>Press release dated February&nbsp;9, 2009.</TD>
 </TR>
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</TABLE>
</DIV>

<P style="font-size: 10pt" align="center"><B>SIGNATURES</B>

<P style="font-size: 10pt; text-indent: 2%" align="left">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.

<P style="font-size: 10pt; margin-left: 45%" align="left"><B>ROWAN COMPANIES,
INC.</B>

<P style="font-size: 10pt; margin-left: 45%" align="left">By: <U><B>/</B>s/ W.
H.
Wells&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
Name:
W. H. Wells<BR>
Title: Vice President, Finance and Chief Financial
Officer<BR> (Principal Financial Officer)

<P style="font-size: 10pt" align="left">Date: February&nbsp;9, 2009

<P style="font-size: 10pt" align="center">2

<P style="font-size: 10pt" align="center">&nbsp;

<P style="display: none; font-size: 10pt" align="center">2
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<P style="font-size: 10pt" align="center"><B>INDEX TO EXHIBITS</B>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" cellpadding="0" width="100%"
border="0">
<!-- Begin Table Head -->

 <TR valign="bottom">
  <TD width="6%">&nbsp;</TD>
  <TD width="3%">&nbsp;</TD>
  <TD width="91%">&nbsp;</TD>
 </TR>
 <TR style="font-size: 10pt" valign="bottom">
  <TD style="border-bottom: #000000 1px solid" nowrap align="left"><B>EXHIBIT<BR>
NUMBER</B></TD>
  <TD>&nbsp;</TD>
  <TD style="border-bottom: #000000 1px solid" nowrap align="center"><B>EXHIBIT
DESCRIPTION</B></TD>
 </TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
 <TR valign="bottom">
  <TD valign="top">
<DIV style="margin-left: 0px; text-indent: 0px">99.1 </DIV>
</TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="left">Agreement dated February&nbsp;5, 2009, between
Rowan Companies, Inc. and Steel Partners II, L.P.</TD>
 </TR>
 <TR valign="bottom">
  <TD valign="top">
<DIV style="margin-left: 0px; text-indent: 0px"><BR>99.2 </DIV>
</TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="left"><BR>Press release dated February&nbsp;9, 2009.</TD>
 </TR>
<!-- End Table Body -->

</TABLE>
</DIV>

<P style="font-size: 10pt" align="center">3

<P style="font-size: 10pt" align="center">&nbsp;

<P style="display: none; font-size: 10pt" align="center">3
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</HTML>
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{"company-data": {"conformed-name": "ROWAN COMPANIES INC", "cik": "0000085408", "assigned-sic": "1381", "irs-number": "750759420", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-05491", "film-number": "09581990"}, "business-address": {"street1": "2800 POST OAK BLVD.", "street2": "SUITE 5450", "city": "HOUSTON", "state": "TX", "zip": "77056-6127", "phone": "7136217800"}, "mail-address": {"street1": "2800 POST OAK BOULEVARD", "street2": "SUITE 5450", "city": "HOUSTON", "state": "TX", "zip": "77056-6127"}, "former-company": [{"former-conformed-name": "ROWAN DRILLING CO INC", "date-changed": "19711110"}, {"former-conformed-name": "ROWAN DRILLING CO", "date-changed": "19671112"}]}
Filed by Bowne Pure Compliance
UNITED STATES
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): February 5, 2009
ROWAN COMPANIES,
INC.
(Exact name of registrant as
specified in its charter)
Delaware
1-5491
75-0759420
(State or other Jurisdiction of Incorporation)
(Commission File Number)
(IRS Employer Identification No.)
2800 Post Oak
Boulevard
Suite 5450
Houston, Texas
77056-6189
(Address of Principal Executive Offices)
(Zip Code)
Registrant's telephone number,
including area code:
(713) 621-7800
Not
Applicable
(Former name or former address if changed since last report.)
Check the appropriate box below if the
Form 8-K filing is intended to simultaneously satisfy the filing obligation of
the registrant under any of the following provisions:
o
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
o
Soliciting material pursuant
to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o
Pre-commencement communications pursuant to Rule
14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o
Pre-commencement communications pursuant to Rule
13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 8.01
Other Events.
On February 5,
2009, Rowan Companies, Inc. (the "Company") and Steel Partners II,
L.P. ("Steel") entered into a letter agreement (the
"Agreement"), pursuant to which Steel has agreed not to seek to
nominate any candidates to stand for election to the Board of Directors of the
Company (the "Board") or engage in the solicitation of proxies with
respect to the election or removal of directors or any other matter to be voted
on at the Company's 2009 Annual Meeting of Stockholders (the "2009
Annual Meeting"). The Company has agreed to nominate a Steel designee for
election to Class III of the Board for election at the 2009 Annual Meeting and
to recommend the election and solicit proxies for the election of the Steel
designee and three other nominees to be chosen by the Board. Immediately before
such election, the Board will increase the size of the Board from 11 members to
12 members. Until after the Company's 2010 Annual Meeting of
Stockholders, the Board will not increase the size of the Board in excess of 12
members and will not take any action that would cause the number of directors
comprising Class I of the Board to change from four members. The parties
agreed that either the Steel designee or John J. Quicke, a current director,
will serve on the Audit Committee of the Board and the other will serve on the
Compensation Committee of the Board, effective promptly following the 2009
Annual Meeting.
Additionally, the
Company will reimburse Steel for its reasonable, documented, out-of-pocket
expenses incurred in connection with Steel's intended nomination of
directors and solicitation of proxies from the Company's stockholders at
the 2009 Annual Meeting and the negotiation of the Agreement, in an aggregate
amount not to exceed $25,000.
The Company will cease
to have any obligations under the Agreement and Steel will cause the Steel
designee to resign as a director if, at any time, Steel and certain of its
affiliates cease at any time to beneficially own and have an economic interest
in or representing, in the aggregate at least 5% of the total shares of common
stock of the Company then outstanding.
The foregoing summary
of the Agreement does not purport to be complete and is subject to, and
qualified in its entirety by, the full text of the Agreement, which is attached
as Exhibit 99.1, and incorporated herein by reference.
Item 9.01.
Financial Statements and Exhibits.
(d)
Exhibits
.
EXHIBIT
NUMBER
EXHIBIT
DESCRIPTION
99.1
Agreement dated February 5, 2009, between
Rowan Companies, Inc. and Steel Partners II, L.P.
99.2
Press release dated February 9, 2009.
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/ W.
H.
Wells
Name:
W. H. Wells
Title: Vice President, Finance and Chief Financial
Officer
(Principal Financial Officer)
Date: February 9, 2009
2
INDEX TO EXHIBITS
EXHIBIT
NUMBER
EXHIBIT
DESCRIPTION
99.1
Agreement dated February 5, 2009, between
Rowan Companies, Inc. and Steel Partners II, L.P.
99.2
Press release dated February 9, 2009.
3