On June 23, 2008, Rowan Companies, Inc. (the "Company") entered into a Credit Agreement dated as of such date (the "Credit Agreement") among the Company, the lenders party thereto, Bayerische Hypo-Und Vereinsbank AG, as syndication agent, Amegy Bank National Association, as documentation agent, and Wells Fargo Bank, National Association, as administrative agent, issuing lender and swingline lender ("Administrative Agent"), whereby the Company may borrow, on a revolving basis, up to $155 million. The Company may, subject to lender consent, increase the size of the facility up to $250 million. The Company intends to use the facility, as needed, for general corporate purposes. Certain of the Company's subsidiaries agreed to act as guarantors of the Company's obligations under the Credit Agreement.
In the Credit Agreement, the Company and the subsidiary guarantors have agreed to certain covenants, including financial covenants limiting the total indebtedness of the Company on a consolidated basis. The Credit Agreement also contains events of default, the occurrence of which may trigger an acceleration of amounts outstanding under the Credit Agreement.
The foregoing summary of the Credit Agreement does not purport to be complete and is qualified in its entirety by references to the Credit Agreement, which is filed as an exhibit hereto and is incorporated herein by reference. Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant The information required by Item 2.03 of Form 8-K is set forth in Item 1.01 "Entry into a Material Definitive Agreement" above, the contents of which are incorporated by reference herein.
Item 9.01 Financial Statements and Exhibits

Exhibit No.                                    Description

10              Credit Agreement dated June 23, 2008 among Rowan Companies, Inc., as
                Borrower, the Lenders named therein and Wells Fargo Bank, National
                Association, As Administrative Agent, Issuing Lender and Swingline
                Lender, Bayerische Hypo-Und Vereinsbank AG, as Syndication Agent, and
                Amegy Bank National Association, as Documentation Agent.