Rowan Companies, Inc.

Investor PresentationDecember 2008

2

Forward Looking StatementsThis report contains forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, without limitation, statements as to the expectations, beliefs and future expected financial performance of the Company that are based on current expectations and are subject to certain risks, trends and uncertainties that could cause actual results to differ materially from those projected by the Company. Among the factors that could cause actual results to differ materially are the following: oil, natural gas and other commodity prices; the level of offshore expenditures by energy companies; energy demand; the general economy, including inflation; weather conditions in the Company’s principal operating areas; and environmental and other laws and regulations. Other relevant factors have been disclosed in the Company’s filings with the U. S. Securities and Exchange Commission.

3

Rowan Today

Rowan is a worldwide provider of offshore and land contract drilling services with a manufacturing division that supports our drilling operations.

Offshore DrillingOffshore Drilling Land DrillingLand Drilling

Our Business

Our Niche

We concentrate on the high specification, premium jack-up market for completing the deepest drilling in the toughest environments.

ManufacturingManufacturing

4

Investment Highlights

Experienced and Loyal Workforce

Monetization of Manufacturing

Business

State-of-the-art Equipment

Strong Financial Performance & Balance Sheet

Operational Excellence

Attractive Valuation

Loyal Customer Base

International Expansion &

Diversification

5

History of Innovation and Industry Firsts

Through the years, Rowan has grown and adapted to serve Through the years, Rowan has grown and adapted to serve the emerging needs of the oil and gas industry. the emerging needs of the oil and gas industry.

Rowan begins jack-up rig drilling & enhancements to

its fleet

Rowan buys first diesel electric rig

Rowan Drilling Company founded by

brothers Charlie & Arch Rowan

Rowan completes initial public offering

on the American Stock Exchange

LTI delivers Rowan’s first Super Gorilla

class jack-up rig

Rowan acquires synergistic manufacturing subsidiary, LTI

1984

Rowan & LTI invent the first cantilever jack-up

drilling rig, the Rowan Fort Worth

Rowan’s first crew sent to drill

in Alaska

Rowan brings in Simmons No. 1, starting an oil boom

in Wortham, TX

2004

LTI delivers Rowan’s first

Tarzan Class rig

1998

19941978

1976

1970

1967

1957

1954

Rowan undertakes first

platform-mounted drilling job in deep water

1935

1924

1923

Rowan listed on the New York Stock

Exchange LTI delivers the first harsh environment jack-up, the Rowan

Gorilla

2006

2007

Rowan moves 4 jack-ups to the

Middle East

Rowan announces

construction of 6 new jack-ups

6

High Spec Jack-up Rigs Serve Attractive Niche Markets• 22 jack-up rigs working in the GOM, the

Middle East, North Sea and West Africa

» 19 premium cantilever jack-up rigs featuring 3 harsh environment Gorilla class rigs, 4 enhanced Super Gorilla class rigs, 4 Tarzan class rigs, and 1 240-C class rig

» 3 conventional jack-up rigs with skid base capability

• Capable of drilling to depths of up to 35,000 feet in up to 550 feet of water

• 3Q08 average day rate of $161,100 with offshore rig utilization at 95%

Average JackAverage Jack--Up Day RatesUp Day Rates

$0

$50,000

$100,000

$150,000

$200,000

2004 2005 2006 2007

10

1

9

US GOM

MIDDLE EAST

WEST AFRICA

2

NORTH SEA

Own 10 of the 24 high spec jackOwn 10 of the 24 high spec jack--ups in the world today. ups in the world today.

By 2011, Rowan will own 17 of the 37 high spec rigs.By 2011, Rowan will own 17 of the 37 high spec rigs.

7

Premium Land Rigs Well Positioned in U.S. Deep Drilling Market• 30 land rigs currently operating in

Texas, Oklahoma and Alaska

• 2 more land rigs under construction that should begin operations during the first quarter of 2009

• 26 of our land rigs are 2,000 HP or greater and capable of drilling wells which are 20,000 to 35,000 feet deep

• 3Q08 Average day rate of $20,900 with land rig utilization at 97%

• 21 of the 30 rigs are on term contracts

$0

$5,000

$10,000

$15,000

$20,000

$25,000

2004 2005 2006 2007

Average Land Day RatesAverage Land Day Rates

TX LA

MS

OKARNM

8

RowanRowan’’s better technology and s better technology and higher horsepower equipment higher horsepower equipment combined with our qualified and combined with our qualified and well trained crews gives us an well trained crews gives us an edge over our competition.edge over our competition.

Superior Day Rates

$0

$50,000

$100,000

$150,000

Rowan Peer Group

U.S. Gulf of MexicoU.S. Gulf of Mexico

$160,556

$98,872

$91,044

$75,259

$0

$60,000

$120,000

$180,000

Rowan Peer Group

$131,893

$114,496

$84,644

Middle EastMiddle East

$156,000

$0

$50,000

$100,000

$150,000

$200,000

$250,000

Rowan Peer Group

$178,879$192,666

$110,218

North SeaNorth Sea

$235,000

Average Day Rate - Current Average Day Rate - 2004-2007

Includes data supplied by ODS-Petrodata, Inc; Copyright 2008 and Rowan Companies, Inc. as of 12/04/08* Middle East statistics are for 2006-2007

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Why Build Additional High Spec Jack-ups?• Meet customer demand

• Deep gas, extended reach, niche market jack-ups earn higher day rates and have better utilization

• Expand presence in the Middle East and North Sea, and enter additional international markets

• Invest for long-term growth at higher rates of return

• Increase shareholder value

The Rowan Mississippidelivered in mid-November 2008.

10

GOM Ultra-Deep Gas Drilling Remains Promising

10,000’

30,000’

Llano

Cretaceous Shelf EdgeDEEPWATER FLEX TREND (Shelf Edge)

SHELF

JasonST 172 HickoryConger

Pleistocene

Pliocene

Miocene

Mid. Miocene

Low. Miocene

Paleogene

Mesozoic

20,000’

Salt

Salt

Basement Rock

TahitiThunderHorse

Treasure Prospect JB Mtn.

TypicalShelf

Source: Newfield Exploration

N

11

Substantial Exploration Opportunities on the U.S. GOM Shelf

050

100150200250300350400

2008 2009 2010 2011

Number of Lease Expirations(0 to 300 ft. water depth)

Over 1,200 U.S. Gulf of Mexico leases will expire in the next foOver 1,200 U.S. Gulf of Mexico leases will expire in the next four years.ur years.

Source: MMS & ODS-Petrodata

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High Spec Jack-ups Will Be Required To Meet The Operational Challenges Of The Future

Maersk- Al Shaheen Project QatarRowan Paris II6-C- 24,300 ft.

Multilateral

13

High Spec Jack-ups Will Be Required To Meet The Operational Challenges Of The Future

Maersk - Tyra Platform Offshore Denmark

Gorilla VII - 28,400 ft.

14

Newbuild Program

2008 2009 2010 2011

Ralph Coffman (240-C #2)

Rowan Mississippi (240-C #1)

J.P. Bussell (Tarzan Class)

Joe Douglas (240-C #3)

Rowan EXL #1

Rowan EXL #2240-C #4

Rowan EXL #3

Rowan EXL #4

•• By 2011, Rowan will own 17 of the By 2011, Rowan will own 17 of the 37 high spec rigs in the world37 high spec rigs in the world

•• Rowan leads the industry in Rowan leads the industry in premium jackpremium jack--up rigsup rigs

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2008 Newbuild Deliveries

Rowan-Mississippi J.P. Bussell

240-C Class

400 Feet Water Depth

35,000 Feet Drilling Depth

2.5M Pound Hookload

3-LEWCO 3000 HP mudpumps provide a maximum pressure of 7,500 psi

Tarzan Class

300 Feet Water Depth

35,000 Feet Drilling Depth

2.0M Pound Hookload

3-LEWCO 3000 HP mudpumps provide a maximum pressure of 7,500 psi

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Youngest Jack-up Fleet

1618

2226 27

29 30

0

5

10

15

20

25

30

35

Rowan Rowan 22 Rigs22 Rigs

20082008

Rowan Rowan 29 Rigs29 Rigs

*2011*2011

ENSCO ENSCO 44 Rigs44 Rigs

GSFGSF68 Rigs68 Rigs

NobleNoble39 Rigs39 Rigs

Pride Pride 28 Rigs28 Rigs

DiamondDiamond12 Rigs12 Rigs

20112011

Average JackAverage Jack--up Fleet Age By Companyup Fleet Age By CompanyIncludes data supplied by ODS-Petrodata, Inc; Copyright 2008 * Includes Rowan’s seven jack-ups under its newbuild program

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Continuing Our International Expansion

(Net Book Value Per Area)

4th Quarter 2006

The Middle East and the U.S. Gulf of Mexico are the The Middle East and the U.S. Gulf of Mexico are the two dominant jacktwo dominant jack--up markets, together demanding up markets, together demanding 50% of the world fleet.50% of the world fleet.

U.S. Gulf of Mexico 31%

Middle East 33%

North Sea 23%

Trinidad 2%

U.S. Gulf of Mexico 51%North Sea

29%

Eastern Canada 13%

Middle East 5%

West Africa 13%

3rd Quarter 2008

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Strong Presence in Major Markets Past, Present and Future

Eastern CanadaEastern Canada2005: 1 Jack2005: 1 Jack--upup2011: 1 Jack2011: 1 Jack--upup

2011: 1-2 Jack-ups2008: 1 Jack-up 2011: 1 Jack-ups

U.S. Gulf of MexicoU.S. Gulf of Mexico2005: 17 Jack-ups 2008: 7-8 Jack-ups 2011: 5-6 Jack-ups

2005: 2 Jack-ups 2008: 2-3 Jack-ups 2011: 3-4 jack-ups

MediterraneanMediterranean2011: 22011: 2--3 Jack3 Jack--upsups

MexicoMexico

North SeaNorth Sea

2008: 1 Jack-up 2011: 4-5 Jack-ups

2008: 9-10 Jack-ups 2011: 13-15 Jack-ups

Middle EastMiddle East

West AfricaWest Africa

TrinidadTrinidad

RowanRowan’’s Total Fleets Total Fleet

Year: 2005 2008 2011

20 22Jack-ups: 29

•• Capitalizing on growth Capitalizing on growth in international marketsin international markets

•• Pursuing several longPursuing several long-- term contractsterm contracts

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Worldwide Jack-up Market Appears Strong in Near Term

Contracted (391)

Not Contracted (44)

435 Total jack-ups

Worldwide Utilization: 90%Worldwide Utilization: 90%20082008--2009 2009 Forecasted Supply Deficit: 20Forecasted Supply Deficit: 20--30 jack30 jack--upsups

Mediterranean:Mediterranean: 90%90%11--2 rig deficit2 rig deficit

C & S AmericaC & S America: 82%: 82%11--2 rig deficit2 rig deficit

US GOM:US GOM: 69%69%

Mexico: Mexico: 100%100%1111--15 rig deficit15 rig deficit

West Africa:West Africa: 93%93%22--3 rig deficit3 rig deficit

North Sea: North Sea: 100%100%11--2 rig deficit2 rig deficit

Middle East:Middle East: 95%95%22--3 rig deficit (gas rigs)3 rig deficit (gas rigs)

SE Asia:SE Asia: 96%96%

Indian Ocean:Indian Ocean: 100%100%22--3 rig deficit3 rig deficit

60

55 25

330

14

324

1

97

8

330

45

2

Australia: Australia: 100%100%

330

Includes data supplied by ODS-Petrodata, Inc; Copyright 2008 as of 12/04/08

19

2

20

Contracted Newbuild Jack-up Deliveries

5

39

24

12

05

1015202530354045

2008 2009 2010 2011

80 Total 80 Total NewbuildsNewbuilds slated for delivery slated for delivery over the next 3 yearsover the next 3 years

• 24 jack-ups have already been delivered in 2008

• Over 80% of the worldwide jack-up fleet is more than 20 years old and attrition will continue

• Newbuild jack-ups will not meet current supply deficits until end of 2009 at the earliest

Includes data supplied by ODS-Petrodata, Inc; Copyright 2008 and Rowan Companies, Inc. as of 12/04/08

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High Spec Jack-ups as Attractive as Floater Market•• Only 24 of the 435 jackOnly 24 of the 435 jack--ups in the worldwide fleet are high specups in the worldwide fleet are high spec

•• Rowan owns 10 of the 24 high spec jackRowan owns 10 of the 24 high spec jack--ups and is building 7 moreups and is building 7 more

High Spec Jack-ups 1

High Spec Floaters 2

No. in Current Fleet 24 29

No. of Newbuilds 13 84

Major Markets of Operations

GOM, Brazil, ME, W. Africa, North Sea

GOM, Brazil, ME, W. Africa, North Sea

Pretax ROI (Newbuilds) 25% 18%

Includes data supplied by ODS-Petrodata, Inc; Copyright 2008 and Rowan Companies, Inc. as of 12/04/08

1 High spec jack-ups are defined as 2M lb hook load

2 High spec floaters are defined as 7,800 ft water depth or greater

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Achieving Financial Records

$0

$250

$500

$750

$1,000

$1,250

$1,500

$1,750

$2,000

$2,250

$2,500

2004 2005 2006 2007

Consolidated Revenue (In Millions)

$0

$100

$200

$300

$400

$500

$600

$700

$800

$900

$1,000

2004 2005 2006 2007

Consolidated EBITDA (In Millions)

$2,095

$1,511

$1,069

$680

$812

$555

$355

$135

23

Revenue Breakdown By Segment

OffshoreOffshore60%60%

ManufacturingManufacturing29%29%

OffshoreOffshore57%57%

ManufacturingManufacturing32%32%

20062006 20072007 2008 Est.2008 Est.

OffshoreOffshore53%53%

ManufacturingManufacturing36%36%

LandLand11%11%

LandLand11%11%

LandLand11%11%

24

About LeTourneau Technologies, Inc.

LTI Drilling

Systems

LTI Mining / Forestry

Products

LTIOffshoreProducts

LTISteel

Products

LTI markets its products through four operating segments:

25

Rapidly Growing in Attractive Businesses• Continuing leadership in offshore jack-up rig design and construction

• Gaining share in the oilfield drilling equipment segment

• Focusing on product performance and innovation in the mining and forestry equipment business

• Continuing international expansion into attractive markets

$0

$600

$1,200

2005 2006 2007External Sales Internal Sales (Rowan)

2005 – 2007 Revenues ($MM)

$399

$660

$971

26

LTI Global Reach and Expanding International Presence•• Operates two major manufacturing facilities, one fullOperates two major manufacturing facilities, one full--service shipyard and service shipyard and

over 20 sales offices and aftermarket centers around the worldover 20 sales offices and aftermarket centers around the world

•• Currently establishing new operating sites in China, India, the Currently establishing new operating sites in China, India, the Middle East, Middle East, South America, Russia and VietnamSouth America, Russia and Vietnam

LTI Major Facilities LTI Branches LTI Dealers/Agents

`

27

Unlocking the Value of LTIInnovation Commitment Product Performance Customer Focus

Improve transparency of financial performance

Provide additional growth prospects

Increase opportunities for external sales

• LTI monetization is currently on hold until the capital markets improve significantly

28

Investment Highlights

Experienced and Loyal Workforce

Monetization of Manufacturing

Business

State-of-the-art Equipment

Strong Financial Performance & Balance Sheet

Operational Excellence

Attractive Valuation

Loyal Customer Base

International Expansion &

Diversification

2800 Post Oak Blvd. Suite 5450 Houston, TX 77056

713.621.7800 www.rowancompanies.com

Rowan Companies, Inc.

Investor Contact:Suzanne M. McLeodDirector, Investor Relationssmcleod@rowancompanies.com