09 07-16 rdc investor-presentation - final

1
Rowan Strong: Safe. Reliable. Efficient.
Investor Presentation
September 7, 2016

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
certain 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, the
level of offshore expenditures by energy companies, variations in energy demand, changes in day rates,
cancellation, early termination or renegotiation by our customers of drilling contracts, risks associated
with fixed cost drilling operations, cost overruns or delays in transportation of drilling units, cost overruns
or delays in maintenance and repairs, cost overruns or delays for conversion or upgrade projects,
operating hazards and equipment failure, risks of collision and damage, casualty losses and limitations on
insurance coverage, customer credit and risk of customer bankruptcy, conditions in the general economy
and energy industry, weather conditions and severe weather in the Company’s operating areas, increasing
complexity and costs of compliance with environmental and other laws and regulations, changes in tax
laws and interpretations by taxing authorities, civil unrest and instability, terrorism, piracy and hostilities in
our areas of operations that may result in loss or seizure of assets, the outcome of disputes and legal
proceedings, effects of the change in our corporate structure, 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

Company Overview & Investment Highlights
Market Dynamics
Delivering Shareholder Value
Conclusion

Rowan has evolved into a pure play, high-specification offshore driller
4
COMPANY OVERVIEW & INVESTMENT HIGHLIGHTS

5
Rowan is well positioned to navigate the current challenging market and
capitalize on investments to dramatically improve our return on capital
Rowan is well positioned to navigate the current challenging market and
capitalize on investments to dramatically improve our return on capital
(1) Approximate value as of July 31, 2016
(2) Ultra-deepwater (UDW) refers to floating drilling rigs rated for water depths of 7,500 feet or greater
(3) High-specification defined as rigs with a two million pound or greater hookload capacity
Company Overview
• RDC: NYSE-listed
• ~3,200 direct employees worldwide(1)
• 31 offshore drilling units
• 4 UDW(2) drillships
• 27 Jack-ups
• 19 High-Specification(3)
• 8 Premium
Investment Highlights
1
2
3
4
5
Competitive differentiation in drilling
demanding wells
Modern high-specification fleet
strategically positioned in global
markets
Proven workforce & processes focused
on performance
Backlog diversified among premium
customer base, geographic regions, and
asset types
Strong & flexible financial position

Competitive: Rowan is focused on demanding drilling services1
“Our mission is to be recognized by our customers as the most
efficient and capable provider of demanding contract drilling services”
6
Rowan ranks #1 among
offshore drillers for HPHT
applications in five out of
the last six Energypoint
Research Inc. surveys
Rowan’s Demanding Drilling Achievements:

Global: Rowan’s fleet is strategically positioned in key markets2
7
• HP/HT Deep Gas
• Key location for demanding UDW
US Gulf of Mexico 2 JU; 3 UDW
• Demanding environmental
conditions
Central& South America 3 JU; 1 UDW
• Harsh environment HP/HT market
• Super Gorilla / N-Class well suited
North Sea 6 JU
• Most active jack-up region
in the world
Middle East & Asia 13 JU
Featuring:
4UDW
Drillships
19High-Spec
Jack-ups
5Premium
Jack-ups
Note: Excludes 3 cold-stacked older jack-ups

High-Specification: Rowan has a leading position in high-spec jack-ups2
8

0
2
4
6
8
10
12
14
16
18
20
19Rowan High-Spec
Jack-ups
Customers Demand
Higher-Specification Rigs
• Drilling challenging
wellbore designs
• Focused on achieving
lower wellbore costs
• 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
9
Number of Delivered High-Specification Jack-ups *
* Approximately 50 additional high-specification jack-ups are currently on order or under construction.
Includes data supplied by IHS-Petrodata, Inc. Copyright 2016 and Rowan Companies as of September 06,2016
High-Specification: Rowan has a leading position in high-spec jack-ups2

High-Specification: Rowan’s ultra-deepwater drillships are best-in-class
10
2

* Includes data supplied by IHS-Petrodata, Inc; Copyright 2016; Rowan estimate, includes newbuilds; as of August 16, 2016.
2
Best-in-Class Specifications:
• 1,250 ton hook load
• Dual 7-ram blowout preventers
• Managed Pressure Drilling capable
• Advanced Riser Gas Handling
• 12,000 ft water depth equipped
• IMO Tier III emissions compliance
Few rigs possess the specifications required for today’s
demanding wells and pending regulations
13
140
24 44
221
1,250 tons
Dual BOP
1,250 tons
Single BOP
1,000 tons750 tonsAll UDW
Under 20% of UDW Rigs*
High-Specification: Rowan’s ultra-deepwater drillships are best-in-class

 93-year history of operating excellence
 Strong culture of continuous improvement
 Experienced employees with proven industry leadership
 Strong commitment to performance delivering safe, reliable and
efficient operations for our customers
12
3 Proven: Rowan has a experienced workforce & established processes

Backlog Diversified: Rowan has solid backlog with diversity among
customers, geographic regions, and asset types4
Total backlog of $2.4B that
extends to 2024*
* Backlog as of September 6, 2016
48%
33%
11%
6%
2%
Middle East Deepwater Norway C&S America UK
Majors /
Independents
52%
NOCs
48%
Over 80% of backlog is with NOCs or
investment grade customers
Contract Backlog by Region & Asset Type
Contract Backlog* by Customer Type
Rowan has key competitive
advantages in adding new backlog:
• Solid track record as a capable and
efficient driller of demanding wells
• Modern, high specification fleet
• Deep customer relationships
• Strong financial counterparty to
customers

14
0 12 24 36 48 60 72
ORIG
SDRL
PACD
ATW
RIG
ESV
NE
DO
RDC
2016 2017 2018 2019 2020 2021
Maturity of Revolving Credit Facilities for Peer Group
5
$0
$4,000
$8,000
$12,000
2016 2017 2018 2019 2020 2021
Total Peer Group Debt Maturities and Newbuild Commitments*
Rowan Debt
Peer Group Debt
* Source: FactSet, Company Filings as of 2Q2016; includes Newbuild Capex Commitments and Debt Maturities for DO, ATW, NE, PACD, ESV, ORIG, RIG, SDRL
• Rowan has the longest visible runway of the publically traded offshore drillers
• Rowan’s cash balance of $1 billion exceeds all debt maturities through 2021
• Many peer group revolving credit facilities will expire prior to significant
debt maturities and capital commitments
Millions
Strong Financial Position: In an uncertain near-term market, having
long-term liquidity visibility provides Rowan with a clear advantage
N/A

5 Strong Financial Position: Our robust balance sheet and industry-
leading liquidity runway assure our financial health through the cycle
• Strong balance sheet provides the ability to invest counter-cyclically to
significantly improve our return on capital
• Attractive debt maturity profile with significant untapped borrowing capacity
available from $1.5B revolver*
• Retired $150 million of debt since 4Q 2015, eliminating $10 million/year in
interest payments
• Total outstanding debt is $2.65 billion; net debt of $1.65 billion
* As of August 2, 2016; 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.
15
$358 $397
$700
$400 $400 $400
$60 $150 $1,289
$0
$200
$400
$600
$800
$1,000
$1,200
$1,400
$1,600
2016 2017 2018 2019 2020 2021 2022 2023 2024 2042 2043 2044
Millions
Bond Debt
Revolver Due
5.000%
7.785%
4.875%
4.750%
5.400%
5.850%

0
2,000
4,000
6,000
8,000
10,000
Rowan
755
CompanyA
CompanyE
CompanyF
CompanyG
CompanyH
CompanyD
CompanyC
CompanyB
USDmillions
Source: Company filings; as of 2Q2016; Competitive Companies include ATW, DO, ESV, NE, ORIG, PACD, SDRL & RIG.
5
Newbuild Commitments through 2021
Debt Maturities through 2021
• Rowan has $0 in Newbuild Capex Commitments and only $755mm in Debt
Maturities through 2021
• Revolving credit facility available into 2021
• Rowan’s cash balance of $1 billion exceeds all debt maturities through 2021
Strong Financial Position: With minimal debt maturities over the next
five years, our focus can be on positioning for a recovery

18
As oil prices recover and long-term service contracts roll off, deflated
supply chain costs will make incremental investment more attractive
MARKET DYNAMICS
Macro Fundamentals Improving:
• Significant number of projects deferred in recent years; Global oil
demand increasing; spare production capacity decreasing
2017 E&P Capital Spending Flat:
• Indications are that capital spending will be flat with 2016
• An increasing amount of spending will be dedicated to incremental
investments
Direction for next year’s E&P spending Relative share of budgets
Source: Pareto E&P Survey 2016, dated August 16, 2016

Barclays: “Statoil recently mentioned
a deepwater breakeven of $41/bbl
with Shell guiding close to $45/bbl”
McKinsey: “Cost compression will
continue to push deepwater costs
lower…making most deepwater
projects economical at an oil price
between $50 and $60.”
Scotia Howard Weil: “While some
peers are exiting or de-emphasizing
Deepwater, RDS has an attractive suite
of assets located primarily in two low
breakeven basins (Gulf of Mexico &
Brazil). Pre-FID projects have a
breakeven of around $45/bbl with
some pre-salt Brazil trending below
$40/bbl.”
Morgan Stanley: "$60/bbl for 6
months was generally regarded as
what was necessary to get deepwater
activity to pick up.”
19
Investment break even levels for deepwater have become
competitive with other options
Break-even reported for major offshore projects
MARKET DYNAMICS
Source: Pareto E&P Survey 2016, dated August 16, 2016

Floaters: Throughout the market cycles, higher specification drilling
units provide higher levels of utilization
40
60
80
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 2016, as of August 25, 2016
Worldwide Floater Total Utilization by Water Depth / Hookload
20
61 units
106 units
89 units
39 units
MARKET DYNAMICS

21
Floaters: In 2017 there is a substantial roll off of the current floater
contracts; we believe this will force attrition of remaining older rigs
* Includes data supplied by IHS-Petrodata, Inc., Copyright 2016; and Rowan Analysis; as of August 18, 2016
MARKET DYNAMICS
64
193
101
0
50
100
150
200
250
300
350
400
Projected
Future
Supply Range
190 - 240
Potential
Newbuild
Cancellations
Cold Stacked
Post 1996
Contracted
Pre-1996
Stacked
Pre 1996
Total Current
Supply
358
Potential Floater Supply Attrition ?
Roll-off of Contracted Floater Fleet
Post-1996 Floaters
Pre-1996 Floaters
Floaters Under Construction
0
50
100
150
200
250
YE’25
YE’24
YE’23
YE’22
YE’21
YE’20
YE’19
YE’18
YE’17
YE’16
Today
YE15
YE14
YE13
YE12
YE11
YE10
YE09
YE08
YE07
YE06
• 2017 will bring a dramatic
increase in roll-offs of
contracts signed in the 2011
to 2014 up cycle
• 29% of all floaters are older
than 20 years; they
currently represent 28% of
working floaters
• New contracts will favor
modern rigs; older rigs will
be much less competitive,
unless they have a “niche”
Post 1996 - Existing Contracts
Contracted Rig Demand
Pre 1996 - Existing Contracts

22
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 2016 as of August, 25 2016
63 units
115 units
147 units
140 units
MARKET DYNAMICS
20
40
60
80
100
IS, MS, MC <300'IC 300'IC 350'+ IC High Spec*
%
Worldwide Jack-up Total Utilization by Rig Class
55 units

23
Jack-ups: In 2017 there is a substantial roll off of the current jack-up
contracts; we believe this will force attrition of older rigs
* Includes data supplied by IHS-Petrodata, Inc., Copyright 2016; and Rowan Analysis; as of 18-AUG- 2016, includes only independent leg, cantilevered units.
MARKET DYNAMICS
111
247
235
0
100
200
300
400
500
600
Cold Stacked
Post 1996
Contracted
Pre 1996
Stacked
Pre 1996
Total Current
Supply
593
Projected
Future
Supply Range
325 - 375
Potential
Newbuild
Cancellations
Potential JU Supply Attrition ?
Roll-off of Contracted Jack-up Fleet
JUs Under Construction
Post-1996 Jus
Pre-1996 JUs
• 2017 will bring a dramatic
increase in roll-offs of
contracts signed in the
2011 to 2014 up cycle
• 45% of all JUs are older
than 20 years; they
currently represent 46% of
working JUs
• Fewer niches for older rigs
to “hide” than in floater
market
• Many newbuilds will
require a change of
ownership before they can
be marketed effectively
0
50
100
150
200
250
300
350
400
YE’25
YE’24
YE’23
YE’22
YE’21
YE’20
YE’19
YE’18
YE’17
YE’16
Today
YE15
YE14
YE13
YE12
YE11
YE10
YE09
YE08
YE07
YE06
Pre 1996 JUs - Existing Contracts
Post 1996 JUs - Existing Contracts
Contracted Rig Demand

25
Rowan has three company priorities to deliver shareholder value
Our customers want:
• Safe, reliable & efficient
operations
• Procedural discipline and
management of operational risk
• Solid counterparties
Our shareholders want:
• Thoughtful capital allocation to
drive strong returns
• Exposure to a driller with a
sustainable capital structure
Our employees want:
• To be part of a winning team
• Some stability in a rough market
• A company willing to develop and
challenge them
DELIVERING SHAREHOLDER VALUE

Rowan is taking advantage of this downturn to make a step change in
operational performance
Continuously Improving PerformanceThe Way Forward To A Step Change
• Advancing a performance program to
improve drilling efficiency
• Applying LEAN philosophy to identify &
eliminate waste in our onshore and
offshore operations
• A dedicated analytics team to harvest
data to drive performance and lower
costs
Crew A Crew B Crew C Crew D
Example: Analyzing variance in performance of drilling crews in slip to slip connection time while tripping

We are focused on improving Rowan’s return on invested capital
The improvements we are making now will deliver results in the short and long run
• Control spend and capital efficiency
Reduce drilling expense by improving procurement effectiveness: centralize and
optimize all spend
 Strong inventory control through rigorous data analytics
 Implementing a fleet-wide state-of-the-art maintenance system for improved reliability
and to optimize maintenance spending
• Much of our cost is personnel-related
Preserve key talent through high-grading of onshore and offshore workforce; use of an
aggressive bump back strategy to preserve our talent in this downturn
Reduce overhead costs (SG&A and a portion of drilling expense) by improving the
efficiency and cost of business support functions
• Proactively address Organizational Health to counter negative aspects of the downturn
Visible Leadership; lead from the front on cost cutting with pay cuts of executives
Continuously assess Organizational Health; continue to develop future leaders
Create Targeted Initiatives to improve alignment, execution, and renewal of key
business processes. Engage employees in these improvement initiatives.

28
Operational performance & EBITDA margins have improved
considerably 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:
• 38 % reduction of TRIR
(Total Recordable Incident Rate)
• Downtime held essentially flat
while delivering our final two
drillships
280
135
1,145
10095
700
Drilling Expense
-29%
SG&A Non-newbuild
Capex
-39%
-64%
Midpoint of Initial Guidance for 2015
Midpoint of Current Guidance for 2017
USDmillions

29
Rowan has an unrelenting focus on improving long-term return on
invested capital
Rowan will consider all capital allocation options, but remains committed to
maintaining an attractive credit profile and financial flexibility.
During the current challenging business environment we favor:
 Increased Liquidity
 2Q2016 – Generated $277 million of cash during the
quarter and currently have a balance of $1 billion
 Debt Reduction
 4Q2015/ YTD2016 - Retired nearly $150 million of
debt that was due to mature over the next four years
 Opportunistic Asset Investments
 We continue to evaluate opportunistic investments in
assets
 Investments at attractive prices in the bottom of the
cycle should generate superior returns
Available
Capital
Allocation
Options
Preserve Liquidity
Dividends/
Share Repurchases
Asset Investments
Retire Debt

Rowan is positioned to endure this challenging market and
emerge a stronger company
31
Investment Highlights
1
2
3
4
5
Competitive differentiation in drilling
demanding wells
Modern high-specificationfleet
strategically positioned in global
markets
Experienced and proven workforce
focused on performance
Backlog diversified among premium
customer base, geographic regions, and
asset types
Strong & flexible financial position
CONCLUSION

Worldwide marketed* jack-up utilization has dropped to 71%
* Excludes Cold Stacked / Out of Service units
Includes data supplied by IHS-Petrodata, Inc; Copyright 2016 as of July 14, 2016
82%
45 Rigs
Marketed Supply: 457 units
33
US GOM
50%
12 Rigs
Mexico
70%
43 Rigs C&S Am
58%
12 Rigs
W. Africa
38%
24 Rigs
North Sea
82%
45 Rigs
Middle East
79%
157 Rigs
India
95%
37 Rigs
SE Asia
42%
60 Rigs
Australia
100%
1 Rig
Mediterranean
86%
14 Rigs
APPENDIX

0%
1 Rig
Worldwide marketed* UDW utilization has dropped to 75%
Marketed Supply: 141 units
34*Excludes Cold Stacked / Out of Service units
Includes data supplied by IHS-Petrodata, Inc; Copyright 2016 as of July 14, 2016
Far East
67%
3 Rigs
Australia
100%
1 Rigs
India
100%
1 Rig
W. Africa
72%
29 Rigs
C&S Am
78%
37 Rigs
Mexico
100%
4 Rigs
USA
84%
38 Rigs
E. Canada
100%
2 Rigs
North Sea
75%
8 Rigs
Mediterranean
40%
10 Rigs SE Asia
50%
8 Rigs
APPENDIX

APPENDIX
35
Rowan guidance as of September 7, 2016
Key metrics:
FY 2015
Actual
2Q 2016
Actual
3Q 2016
Projected
FY 2016
Projected
FY 2017
Projected
Jack-up Operational
Downtime
(unbillable)
~1% Less than 2% ~2.5% 2.5% ~2.5%
Drillship Operational
Downtime (1) ~7% ~0% ~5% ~5% ~5%
Contract Drilling Expenses
(excluding rebills)
$950 MM $201 MM ~$190 MM $775 - $785 MM
$650 - $750
MM(2)
SG&A $116 MM $26 MM ~$29 MM $105 - $110 MM $90 - $100 MM
Depreciation $391 MM $100 MM ~$102 MM $400 - $405 MM Not Guided
Interest Expense,
Net of Capitalized Interest
$145 MM $38 MM ~$39 MM ~$155 MM Not Guided
Effective Tax Rate
(normalized)
~11%
Normalized
9.5% Not Guided Mid Single Digits Not Guided
Capital Expenditures $723 MM $31 MM Not Guided
$140 - $150
MM(2) ~$100 MM(2)
(1) Rowan expects operational downtime for the drillships to be approximately 5%.
(2) Rowan expects to incur full-year 2017 drilling expense of between $650 MM and $750 MM, depending upon whether certain idle jack-up rigs secure additional work.
(3) Rowan expects 2016 maintenance capital expenditures to range from $140 - $150 MM and 2017 to be approximately $100 MM, excluding any contractual
modifications that may arise due to securing additional work, none of which is currently planned.

Investor Contacts:
Chris Pitre
VP, Investor Relations and Corporate Development
chris.pitre@rowancompanies.com
+1 713 968 6642
Carrie Prati
Manager, Marketing and Investor Relations
carrie.prati@rowancompanies.com
+1 713 960 7581
36

09 07-16 rdc investor-presentation - final

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