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): December 1,
2006
ROWAN
COMPANIES, INC.
(Exact
name of registrant as specified in its charter)
|
DELAWARE
|
1-5491
|
75-0759420
|
|
(State or other
jurisdiction
|
(Commission file
Number)
|
(IRS
Employer
|
|
of
incorporation)
|
|
Identification
No.)
|
|
2800 POST OAK BOULEVARD
|
|
|
SUITE 5450
|
|
|
HOUSTON, TEXAS
|
77056-6127
|
|
(Address
of principal executive offices)
|
(zip
code)
|
(713)
621-7800
(Registrant’s
telephone number, including area code)
Check
the appropriate box below if the Form 8-K is intended to simultaneously satisfy
the filing obligation of the registrant under any of the following
provisions:
[
] Written communications pursuant to Rule 425 under the Securities Act (17
CFR
230.425)
[
] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17
CFR
14a-12)
[
] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
Act (17 CFR 240-14d-2(b))
[
] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange
Act (17 CFR 240-13e-4(c))
Item
5.02 (b) and (e). Departure of Director or Certain Officers; Election of
Directors; Appointment of Certain Officers; Compensatory Arrangements of
Certain
Officers.
Mr.
Robert G. Croyle, the Company’s Vice Chairman and Chief Administrative Officer,
has notified the Company that he will retire effective December 31, 2006
after
33 years of service. In connection with Mr. Croyle’s retirement, on November 27,
2006, the Compensation Committee of the Board of Directors approved the
acceleration of vesting to December 31, 2006 of the following unvested
portions
of Mr. Croyle’s compensatory equity grants.
|
Grant
date
|
Equity
granted
|
Accelerated
Unvested
portion
|
|
4/25/2003
|
75,000
options at $21.19/share
|
18,750
options
|
|
7/21/2004
|
67,500
options at $25.265/share
|
33,750
options
|
|
7/21/2004
|
30,000
shares of restricted stock
|
30,000
shares
|
|
5/17/2005
|
10,900
shares of restricted stock
|
8,175
shares
|
|
5/17/2005
|
23,300
options at $24.98/share
|
17,475
options
|
|
4/28/2006
|
5,558
shares of restricted stock
|
5,558
shares
|
|
4/28/2006
|
11,520
options at $43.85/share
|
11,520
options
|
Additionally,
the Company has agreed to enter into a consulting arrangement with Mr.
Croyle so
that he may complete certain ongoing projects. When finalized, the agreement
will be for a term of no longer than six months and will provide for
payment to
Mr. Croyle a monthly rate of $6,000.
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
W. H. Wells,
Vice President - Finance and Treasurer (Principal Financial
Officer)
Dated:
December 1,
2006