09 06-17 rdc investor deck website-final

1. Investor Presentation
September 2017

2. Forward-Looking Statements
Statements herein that are not historical facts are 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 business, financial and operating performance and prospects of
the Company. These forward-looking statements are based on our current expectations and are subject to
numerous risks, assumptions, trends and uncertainties that could cause actual results to differ materially
from those indicated by the forward-looking statements.
Among the factors that could cause actual results to differ materially include oil and natural gas prices and
the impact of the economic climate; changes in the offshore drilling market, including fluctuations in
supply and demand; variable levels of drilling activity and expenditures in the energy industry; changes in
day rates; ability to secure future drilling contracts; cancellation, early termination or renegotiation by our
customers of drilling contracts; customer credit and risk of customer bankruptcy; risks associated with
fixed cost drilling operations; unplanned downtime; risks related to our joint venture with Saudi Aramco;
cost overruns or delays in transportation of drilling units; cost overruns or delays in maintenance, upgrade,
repairs, or other rig projects; operating hazards and equipment failure; risks of collision and damage;
casualty losses and limitations on insurance coverage; weather conditions in the Company's operating
areas; increasing costs of compliance with regulations; changes in tax laws and interpretations by taxing
authorities; hostilities, terrorism, and piracy in our areas of operations that may result in loss or seizure of
assets or interruption of operations; impairments; a cyber incident which impairs our ability to conduct
operations; the outcome of disputes, including tax disputes and legal proceedings; and other risks
disclosed in the Company's filings with the U.S. Securities and Exchange Commission.
Each forward-looking statement speaks only as of the date hereof, and the Company expressly disclaims
any obligation to update or revise any forward-looking statements, except as required by law.
2

3. Rowan is a leading offshore contract driller with
a proven operational and safety track record
3
* Includes (5) jack-up rigs to be contributed to ARO Drilling JV, excludes Rowan California (cold stacked) and Cecil Provine (will be scrapped)
Total fleet of four drillships and 23 jack-ups*,
deployed across the globe27
Years of experience in offshore drilling, starting in the 1940s
70+
Percent of our business dedicated to offshore drilling100%
~3,100 Employees globally
1923 Was the year the Rowan brothers founded the company as
a contract drilling business
Six recent first place rankings as leading offshore driller for
HPHT applications per Energypoint Research
RDC: Listed on the New York Stock Exchange since 1975

4. Visible Growth
Through ARO Drilling
Quality Assets
and Focus on
Demanding Drilling
Sustainable Capital
Structure
 Groundbreaking
partnership with
Saudi Aramco
 Visible earnings
growth over the next
15+ years
 Competitively
positioned with the
largest global user of
jack-up rigs
 Top-tier, well-maintained
ultra-deepwater drillship
fleet with strong
operational track-record
 Modern, high-
specification jack-up
fleet strategically
positioned in key global
markets
 Experienced and proven
workforce; strong
processes focused on
performance
 Robust liquidity profile
 Cash-on-hand covers
all maturities through
2023
 Undrawn $1.5 billion
revolving credit facility,
with industry leading
maturity
Well Positioned for
Market Recovery
 “Break even” costs
coming down creating
opportunities for more
offshore drilling
 Jack-up market
bottoming
 7th generation UDW
drillships expected to
return to work earlier
in recovery
Rowan is well positioned to navigate the current
challenging market
4

5. Visible Growth Through ARO Drilling

6. • Partnering with the largest customer for jack-ups in the world in the
largest region for jack-ups in the world
• High utilization for contributed assets (five from Rowan & two from
Saudi Aramco) for the remainder of their useful lives
• Potential opportunity to contract additional assets to ARO Drilling
through agreed leasing structure
• Strong visible organic growth – expect twenty newbuilds against
long term contracts. Expected returns are commensurate to Rowan’s
target for similar risk profile opportunities. Newbuild program
projected to be self-funding
• ARO Drilling expected to generate substantial long term cash flow
Full details in Rowan’s 2017 10-K, dated February 24, 2017
ARO Drilling: Key Investment Takeaways
6

7. 7
ARO Drilling provides visible earnings growth
for Rowan over the next 15+ years
Please reference Schedules 4-6 of the Shareholders Agreement attached as Exhibit 10.38 to Rowan’s 2017 10-K (pages 80-93)

8. Quality Assets and Focus on Demanding Drilling

9. Rowan is focused on demanding drilling services
“Our mission is to be recognized by our customers as the most
efficient and capable provider of demanding contract drilling services”
Rowan ranks #1 among
offshore drillers for HPHT
applications in six out of
the last seven Energypoint
Research Inc. surveys
Rowan’s Demanding Drilling Achievements:
9

10. Rowan has a leading position in high-specification jack-ups
9
2
2
2
2
4
4
4
7
8
10
19
Aban Offshore
Maersk Drilling
Seadrill / NADL / SeaMex
Drilling Company Int.
Borr Drilling
Ensco
COSL
Noble
Rowan
Paragon Offshore
Other
Perforadora Mexico
1 Approximately 50 additional high-specification jack-ups are currently on order or under construction.
Includes data supplied by IHS-Petrodata, Inc. Copyright 2017 and Rowan Companies as of June 19,
2017. High-specification jack-ups are defined as jack-ups having 2,000,000+ lb hookload capability
 Flexibility to address
technical needs across
diverse wellbore portfolios
 Focus on achieving lower
wellbore costs
 Comply with higher
regulatory standards
 Rowan specializes in rigs
that have:
– 2,000,000+ lb hookload
capability
– Rugged and reliable
legs and jacking
systems
– Efficient, high pressure
drilling systems
Number of Delivered High-specification jack-ups1
Customers Demand
Higher-Specification Rigs
10

11. 11
Of the 169 rigs in the global UDW fleet, few possess the high
specifications required for today’s demanding market
7th Generation rigs are
clearly differentiated from
earlier generation rigs.
Rowan’s drillships are
best-in-class among 7th
Generation rigs; uniquely
positioned to offer the key
features desired by the
market.
1,250 ton
Hookload
1. Includes data supplied by IHS-Petrodata, Inc; Copyright 2017; Rowan estimate, Delivered UDW rigs; as of August 22, 2017.
2. Rigs equipped with cylinder rigs are considered compliant with this feature.
Dual BOPs
7-Ram BOP(s)
MPD-Ready
Equipped for
12,000 ft Water
Depth
Total Fleet
Active Heave
Drawworks & Crown
Compensation2
Active Heave
Compensating
Subsea Crane
169
49
43
32
54
17
25
39
Total
Keyfeaturesfrequentlyrequiredbycustomers1
29%
25%
19%
32%
10%
15%
23%
% of Global
Fleet
100%
100%
100%
100%
100%
75%
100%
% of Rowan
Fleet Number of global UDW rigs with each key feature
Percent of global UDW with each key feature
Percent Rowan UDW with each key feature

12. Unlike most of its competitors, Rowan’s ultra-deepwater
fleet is only 7th generation rigs
4444
55
7
Other2DONEESV + ATWRDCRIGSDRL1
20% 12% 100% 23% 31% 17% 15%
Breakdown of 33 floaters with 1,250-ton, dual BOP
Note: Excludes rigs under construction
1 Includes NADL, Seadrill Partners, and Sevan Drilling
2 Includes Fred Olsen, Maersk Drilling, Ocean Rig, Pacific Drilling, QGOG
12

13. We are systematically driving performance across Rowan
Major Areas of Focus in Driving Performance
Drive WASTE out of our operations
• Adopt LEAN philosophy
• Performance focused
Control spend and focus on capital
allocation
•Increase procurement effectiveness
•Emerging data analytics program
•Improved maintenance system
Optimize personnel spend
•Preserve talent
•Improve efficiency of business
support functions
Analyzing variance in performance of drilling crews
13

14. Sustainable Capital Structure

15. 15
Our robust balance sheet and highly visible runway
bolster our financial health through the cycle
15
$1,200
$1,500
$208
$621
$398 $500 $400 $400
$0
$500
$1,000
$1,500
$2,000
$2,500
$3,000
Current Bond Debt
Current Revolver Undrawn
Current Cash Balance
*As of March 24, 2017; availability under the facility is $1.5 billion through January 23, 2019, declining to $1.44 billion
through January 23, 2020, and to approximately $1.29 billion through the maturity in 2021. All debt is unsecured.
$2,700
USDMillions
7.875% 4.875% 4.750% 7.375% 5.400% 5.850%
• Strong balance allows counter-cyclical investment to improve return on
capital
• At June 30, 2017, ~$773 million of debt retired since 4Q 2015, while issuing
$500 million of unsecured debt not due until 2025
• Attractive debt maturity profile with significant undrawn borrowing
capacity available from $1.5B revolver*
• Current cash balance combined with our undrawn revolver exceeds our
total outstanding debt
//

16. Relative to its peers, Rowan is well positioned to thrive
in the downturn due to its strong balance sheet
Source: Bloomberg, CapIQ, Company Filings, IBES, Wall Street Research; market data as of 15-Aug-2017; balance sheet data as of 30-Jun-2017 pro forma for subsequent events. 1
Diamond pro forma $500mm 2025 Notes offering and redemption of 2019 Notes. ² Ensco pro forma Atwood acquisition. Assumes Atwood 2020 Notes redeemed at 101 of par. ³
Transocean pro forma Songa Offshore acquisition. Assumes Transocean assumes Songa Offshore secured Cat-D debt. Assumes Transocean issues a combination of $660mm convertible
bonds, $540mm Transocean equity and $480mm in cash to Songa shareholders and non-Cat-D Songa debtholders.
16
$0.8
$0.2
$2.9
$1.0
$1.3
$0.5
$0.0
RIG3
$4.2
ESV2
$1.5
NERDCDO1
Maturities and Newbuild Commitments (2017 – 2021)
In USD Billions
Maturities (2017 - 2021)
Newbuild Commitments
0.7x
5.5x
0.5x0.6x
DO1 RDC RIG3ESV2NE
Cash on Hand To Meet Commitments (2017 to 2021)
$1.3
$1.0$0.8
$5.3
$1.0$0.2
RIG3
$6.6
ESV2NERDC
$1.5
DO1
$0.5
Maturities and Newbuild Commitments (2017 – 2023) Cash on Hand To Meet Commitments (2017 to 2023)
0.3x
0.6x0.6x
1.4x
0.6x
DO1 RIG3ESV2NERDC
Newbuild Commitments
Maturities (2017 - 2023)
No
Maturities
Before
2021
43%20% 33%8%0%
68%24% 33%33%13%

17. Rowan has an unrelenting focus on improving
long-term return on invested capital
Rowan always considers capital allocation options, but remains committed to
maintaining an attractive credit profile and financial flexibility.
During the current challenging business environment, we favor:
Preserving Liquidity
 Currently have a cash balance of approximately
$1.2 billion
Debt Reduction
 At June 30, 2017, ~$773 million of debt
retired since 4Q 2015, while issuing $500
million of unsecured debt not due until 2025
Opportunistic Investments
 We continue to evaluate opportunistic
investments in assets
 Corporate transactions should ideally be
strategic, accretive, credit enhancing and
should not dilute asset quality
 Investments at attractive prices in the bottom
of the cycle should generate superior returns
Preserve
Liquidity
Dividends/
Share
Repurchases
Opportunistic
Investments
Retire Debt
17
Available
Capital
Allocation
Options

18. Well Positioned for Market Recovery

19. 19
Jack-ups: Throughout the market cycles, newer higher
specification drilling units provide higher levels of utilization
* Jack-ups with two million pound or greater hookload
Includes data supplied by IHS-Petrodata, Inc; Copyright 2017 as of August 29, 2017
66 units
119 units
148 units
135 units
20
40
60
80
100
IS, MS, MC <300' Ind. Leg Cantilever (IC) 300'IC 350'+ IC High Spec*
%
Worldwide Jack-up Total Utilization by Rig Class
54 units
83% of Rowan’s active
jack-up fleet is High Spec

20. 20
Floaters: Throughout the market cycles, higher specification
drilling units provide higher levels of utilization
30%
40%
50%
60%
70%
80%
90%
100%
<5,000' 5,000'-7,499' 7,500'+ / <1,250 tons 7,500'+ / 1,250+ tons
Includes data supplied by IHS-Petrodata, Inc; Copyright 2017, as of September 1, 2017
*Excludes harsh environment
Worldwide Floater Total Utilization* by Water Depth / Hookload
60 units
83 units
41 units
20 units
All of Rowan’s floaters
are 7th Generation

21. 21
2017
2018
2019+
• Despite recent weakness in crude oil prices, 2017 has been
broadly supportive of an increase in drilling activity; however,
more favored to onshore shale drilling in North America
• We believe jack-up demand is likely to steadily increase
throughout the remainder of the year
• Floater demand expected to lag behind jack-ups and bottom
in 2018
• Most opportunities for Rowan ships commence in 2018
• Improvements in dayrates not anticipated until later in the
decade. Historically, marketed utilization must return to ~85%
for pricing power
• Attrition is needed to help the supply / demand balance
Market Outlook: Although far from a recovery,
we are starting to see some improvement

22. Visible Growth Through ARO Drilling
• Groundbreaking partnership
• Earnings growth over next 15+ years
Well Positioned for Market Recovery
• High specification assets rebound first
Quality Assets and Focus on Demanding Drilling
• Best drillship fleet
• High-spec jack-up leader
Sustainable Capital Structure
• Strong balance sheet
• Opportunity for counter-cyclical investments

23. Investor Relations Contact:
Carrie Prati
Director, Investor Relations
carrie.prati@rowancompanies.com
713-960-7581

24. Appendix 24

25. 25
* Excludes Cold Stacked / Out of Service units
Includes data supplied by IHS-Petrodata, Inc; Copyright 2017 as of August 23, 2017
Marketed Supply: 465 units
US GOM
43%
21 Rigs
Mexico
59%
44 Rigs C&S Am
55%
11 Rigs
W. Africa
73%
11 Rigs
North Sea
72%
46 Rigs
Middle East
70%
164 Rigs
India
79%
39 Rigs
SE Asia
74%
57 Rigs
Australia
100%
1 Rig
Mediterranean
64%
14 Rigs
Worldwide marketed* jack-up utilization is 69%

26. Jack-ups: Since the downturn began, modern rigs have consistently
won the majority of contracts, forcing continued attrition of older rigs
• From 2006 until the market
downturn in 2014 newbuild
deliveries steadily displaced
older rigs
• Since the downturn began,
few newbuilds have delivered
but modern rigs have
continued to win the
contracting battle
• 44% of all JUs are older than
20 years; they represent a
waning percent of the
contracted rigs, currently 44%
• As the market recovers we
expect additional newbuilds
to enter the market,
continuing to displace older
rigs
• However, for undelivered
newbuilds to enter the
market many will require a
change of ownership
26
Roll-off of Contracted Jack-up Fleet*
0
100
200
300
400
500
YE15
YE09
YE08
YE10
YE12
YE11
YE22
YE20
YE18
YE16
YE19
YE14
YE13
YE21
YE06
YE17
YE07
Pre 1996 JUs - signed AFTER downturn
Post 1996 JUs - signed AFTER downturn
Contracted Rig Demand (Estimated)
Contracted Rig Demand (Actual)
Pre 1996 JUs - signed BEFORE downturn
Post 1996 JUs - signed BEFORE downturn
* Includes data supplied by IHS-Petrodata, Inc., Copyright 2017; and Rowan Analysis; as of August 22, 2017. Downturn is since September 1, 2014.
80
130
643
99
71
165
89
0
100
200
300
400
500
600
700
Cold Stacked Under
Contract
Current
Total Supply
Warm/Hot
Stacked
9
Under
Construction
Current Jack-up Fleet Composition
JUs Under Construction
Post 1996 JUs
Pre 1996 JUs
Attrition Progress
11
16
7
35
1
0
10
20
30
40
2017 Total201620152014

27. 27
Worldwide marketed* UDW** utilization is 74%
Marketed Supply: 128 units
*Excludes Cold Stacked / Out of Service units
**UDW includes semis and drillships with a rated water depth of 7500’+
Includes data supplied by IHS-Petrodata, Inc; Copyright 2017 as of August 23, 2017
Far East
50%
4 Rigs
W. Africa
75%
24 Rigs
C&S Am
84%
32 Rigs
Mexico
50%
4 Rigs
USA
72%
32 Rigs
E. Canada
100%
1 Rigs
North Sea
89%
9 Rigs
Mediterranean
71%
7 Rigs SE Asia
54%
13 Rigs

28. * Includes data supplied by IHS-Petrodata, Inc., Copyright 2017; and Rowan Analysis; as of August 22, 2017. Downturn is since September 1, 2014.
Roll-off of Contracted Floater Fleet*
0
50
100
150
200
250
300
YE06
YE10
YE09
YE08
YE07
YE16
YE15
YE14
YE13
YE12
YE11
YE22
YE21
YE20
YE19
YE18
YE17
28
Floaters: As modern floaters have entered the market, they
have displaced older rigs, forcing significant attrition
Pre 1996 floaters - signed BEFORE downturn
Post 1996 floaters - signed BEFORE downturn
Pre 1996 floaters - signed AFTER downturn
Post 1996 floaters - signed AFTER downturn
Contracted Rig Demand (Estimated)
Contracted Rig Demand (Actual)
• From 2006 until the market
downturn in 2014 newbuild
deliveries steadily displaced
older rigs
• Since the downturn began,
few newbuilds have
delivered but modern rigs
have continued to win the
contracting battle
• 25% of all floaters are older
than 20 years; they
represent a waning percent
of the contracted rigs,
currently 27%
• New contracts expected to
favor modern rigs; older
rigs will be much less
competitive, unless they
have a “niche”
Today
102
47
50
42
321
37
0
50
100
150
200
250
300
350
16
Cold
Stacked
69
27
Current
Total
Supply
Under
Construction
Contracted
139
Warm/Hot
Stacked
66
Current Floater Fleet Composition
Floaters under construction
Post 1996 floaters
Pre 1996 floaters
Attrition Progress
30
24
14
83
15
0
20
40
60
80
100
Total201620152014 2017

29. Few rigs possess the specifications required for
today’s demanding market requirements
1,250 ton
Hookload
Dual BOPs
7-Ram BOP(s)
MPD-Ready
Equipped for
12,000 ft Water
Depth
Total Fleet
Active Heave
Drawworks & Crown
Compensation
Active Heave
Compensating
Subsea Crane
Key Feature Description
Today’s deeper, more highly pressured wells require longer and heavier casing strings. Combined,
these driving forces yield casing strings that exceed the capacity of 6th generation rigs (i.e., greater
than 1,000 tons). Further, running BOPs in elevated sea states can also produce hook load
requirements exceeding 1,000 tons.
Between well maintenance becomes an offline activity with dual BOPs, saving several days of non-
productive time. Further, if there is an unplanned BOP pull, the secondary BOP can be run while
repairs are performed on the other in an unrushed manner. This limits downtime to several days,
instead of several weeks or, in severe cases, months.
Having a seventh ram allows the installation of an “inverted” ram at the bottom of the BOP to
pressure up against when testing the other rams. This eliminates the need to run a separate pressure
testing apparatus down to the BOP. For exploration wells, this dramatically reduced the non-
productive time spent testing the BOP while it is subsea. Alternatively, the seventh ram can also be
configured for optimized changeover from drilling to completion operations.
Many wells require very precise pressure control that can only be achieved by the closed loop
system that Managed Pressure Drilling provides. Further, this closed loop system also provided
dramatically increased safety by providing advanced “kick” detection, identifying well control issues
long before they become a threat to the rig, it’s crew or the environment. Rowan rigs were designed
for MPD from the beginning, with utilities and handling equipment neatly incorporated, translating
into expedient installation and higher reliability than the retrofit solutions in many competitive rigs.
Several of today’s frontier drilling locations are in water depths exceeding 12,000 feet. To access
these depths in a safe and efficient manner, significant outfitting upgrades are necessary. Many of
these upgrades are difficult or prohibitively expensive to incorporate after a rig has been
constructed. Rowan’s rigs are fully equipped for these extreme depths.
Active heave drawworks allows very precise high capacity control over suspended loads while the
vessel heaves up and down in response to sea conditions. This is especially critical while setting
casing in the well or setting the BOP on the well head. Having a secondary crown-mounted
compensation system allows enhanced safety during operations where the rig is “locked” to bottom
such as completions, drill stem tests, and coiled tubing operations.
High capacity subsea cranes that have active heave compensation allow the offline installation of
subsea architecture (e.g., subsea trees) in a very precise manner, preventing damage to critical
subsea components. Using a crane to do this frees up the drilling centers to continue progressing
the construction of the well and can eliminate the cost of hiring a subsea construction vessel.
169
49
43
32
54
17
25
39
100%
29%
25%
19%
32%
10%
15%
23%
Number of global UDW rigs with each key feature
Percent of global UDW with each key feature
Total % of Global
Fleet
Keyfeaturesfrequentlyrequiredbycustomers
100%
100%
100%
100%
100%
75%
100%
% of RDC
Fleet
Percent Rowan UDW with each key feature
29

30. Considerable improvement in operational performance
and EBITDA margins over the last three years
$ in millions
Operational Performance has improved
while costs have been reduced
From initial 2015 guidance issued in
November 2014 – Current*:
• Best safety performance on
record in 2015 and 2016
• Downtime held essentially flat
while delivering our final two
drillships
280
135
1,145
98
648
-54%
-28%
-43%
Non-newbuild
Capex
128
SG&ADrilling Expense
Midpoint of Current Guidance for 2017
Midpoint of Initial Guidance for 2015
USDmillions
* As of August 2, 2017; some portion of Drilling Expense reduction is due to the formation of the new drilling company with Saudi Aramco
30

31. Rowan Cost & CAPEX Guidance as of August 2, 2017
Key metrics:
FY 2016
Actual
1Q 2017
Actual
2Q 2017
Actual
3Q 2017
Projected
FY 2017
Projected
Jack-up Operational
Downtime
(unbillable)
1.4% 2.6% 1.1% ~2% ~2%
Drillship Operational
Downtime
.1% 0% 0% ~5% ~5%
Contract Drilling Expenses
(excluding rebills)
$950 MM $166MM $165MM
$165MM -
$175MM
$635 - $660
MM(1)(2)
SG&A $102 MM $24MM $22MM
Mid-High
$20sMM
$95 - $100MM(2)
Depreciation $403 MM $99MM $102MM Not Guided ~$400MM
Interest Expense,
Net of Capitalized Interest
$156 MM $40MM $39MM Not Guided ~$155MM
Effective Tax Rate
(normalized)
Low single
digits
Income Tax
Expense
$30MM
Income Tax
Expense
$21MM
Not Guided
Income Tax
Expense
Low $40sMM
Capital Expenditures $118 MM $31MM $26MM Not Guided $125 - $130MM
(1) Includes management fees that will be paid to ARO Drilling
(2) Includes costs associated with transition services
31