Document:

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                                                                     EXHIBIT 4.K

     NUMBER                                                   SHARES
-----------------                                       -----------------
-----------------                                       -----------------
S

                                     (LOGO)

COMMON STOCK                                                        COMMON STOCK

                              ROWAN COMPANIES, INC

INCORPORATED UNDER THE LAWS                       CUSIP 779382 10 0
 OF THE STATE OF DELAWARE                 THIS CERTIFICATE IS TRANSFERABLE
                                       IN CHICAGO,ILLINOIS OR NEW YORK, NEW YORK

This Certifies that                                              is the owner of

                                                       SEE REVERSE FOR
                                                     CERTAIN DEFINITIONS

           FULL-PAID AND NON-ASSESSABLE SHARES OF COMMON STOCK OF THE
                          PAR VALUE OF $.12 1/2 EACH OF

      Rowan Companies, Inc., transferable on the books of the Corporation by the
holder hereof in person or by duly authorized attorney upon surrender of this
Certificate properly endorsed. This Certificate and the shares represented
hereby are issued and shall be subject to all of the provisions of the
Certificate of Incorporation, as now or hereafter amended, to all of which the
holder hereof by acceptance hereof assents.

      This Certificate is not valid unless countersigned and registered by a
Transfer Agent and Registrar of the Corporation.

      Witness the facsmile seal of the Corporation and the facsmile signatures
of its duly authorized officers.

Dated

     /s/ Mark H. Hay                                  /s/ C. R. Palmer
------------------------------                  --------------------------------
         SECRETARY                                        PRESIDENT

                                            COUNTERSIGNED AND REGISTERED:
                   ROWAN COMPANIES, INC.    COMPUTERSHARE INVESTOR SERVICES, LLC
                   CORPORATE SEAL           TRANSFER AGENT AND REGISTRAR
                   1947                     BY
                   DELAWARE

(C) SECURITY-COLUMBIAN UNITED STATES BANKNOTE COMPANY       AUTHORIZED SIGNATURE
<PAGE>
                              ROWAN COMPANIES, INC.

      THE CORPORATION WILL FURNISH WITHOUT CHARGE TO EACH STOCKHOLDER WHO SO
REQUESTS A STATEMENT OF THE POWERS, DESIGNATIONS, PREFERENCES AND RELATIVE,
PARTICIPATING, OPTIONAL OR OTHER SPECIAL RIGHTS OF EACH CLASS OF STOCK OR SERIES
THEREOF OF THE CORPORATION, AND THE QUALIFICATIONS, LIMITATIONS OR RESTRICTIONS
OF SUCH PREFERENCES AND/OR RIGHTS. SUCH REQUEST MAY BE MADE TO THE CORPORATION
OR TO THE TRANSFER AGENT.

      The following abbreviations, when used in the inscription on the face of
this certificate, shall be construed as though they were written out in full
according to applicable laws or regulations:

TEN COM -as tenants in common       UNIF GIFT MIN ACT--------Custodian--------
TEN ENT -as tenants by the                            (Cust)           (Minor)
         entireties
JT TEN  -as joint tenants with                    under Uniform Gifts to Minors
         right of survivorship                    Act--------------
         and not as tenants in                           (State)
         common

     Additional abbreviations may also be used though not in the above list.

       For Value Received,__________hereby sell, assign and transfer unto

                     PLEASE INSERT SOCIAL SECURITY OR OTHER
                         IDENTIFYING NUMBER OF ASSIGNEE

                      [___________________________________]

________________________________________________________________________________
  (PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING ZIP CODE, OF ASSIGNEE)
________________________________________________________________________________

________________________________________________________________________________

________________________________________________________________________________

____________________________________________________________SHARES
OF THE CAPITAL STOCK REPRESENTED BY THE WITHIN CERTIFICATE, AND DO HEREBY
IRREVOCABLY CONSTITUTE AND APPOINT

________________________________________________________________________ATTORNEY
TO TRANSFER THE SAID SHARES ON THE BOOKS OF THE WITHIN NAMED CORPORATION WITH
FULL POWER OF SUBSTITUTION IN THE PREMISES.

DATED_________________________________

                  ______________________________________________________________
                  NOTICE:   THE SIGNATURE TO THIS ASSIGNMENT MUST CORRESPOND
                            WITH THE NAME AS WRITTEN UPON THE FACE OF THE
                            CERTIFICATE IN EVERY PARTICULAR, WITHOUT ALTERATION
                            OR ENLARGEMENT OR ANY CHANGE WHATEVER.

                  This certificate also evidences and entitles the holder hereof
to certain Rights as set forth in the Rights Agreement between Rowan Companies,
Inc. (the "Company") and Citibank, N.A. (the "Rights Agent") dated as of January
24, 2002 (the "Rights Agreement"), the terms of which are hereby incorporated
herein by reference and a copy of which is on file at the principal office of
the Company. Under certain circumstances, as set forth in the Rights Agreement,
such Rights may be redeemed, may expire, or may be evidenced by separate
certificates and will no longer be evidenced by this certificate. The Company
will mail to the holder of this certificate a copy of the Rights Agreement, as
in effect on the date of mailing, without charge promptly after receipt of a
written request therefor. Under certain circumstances set forth in the Rights
Agreement, Rights issued to, or held by, any Person who is, was or becomes an
Acquiring Person or any Affiliate or Associate thereof (as such terms are
defined in the Rights Agreement), whether currently held by or on behalf of such
Person or by any subsequent holder, may become null and void.<PAGE>

                                                                      EXHIBIT 4p

                                 PROMISSORY NOTE

                                 Houston, Texas         April 26, 2001

      C. R. Palmer, for value received, promises and agrees to pay on or before
April 26, 2011 unto the order of Rowan Companies, Inc. (hereinafter called
"Payee"), at the offices of the Payee in Houston, Texas in lawful money of the
United States of America, the principal sum of Nine Million Six Hundred Thousand
and No/100 Dollars ($9,600,000), together with interest thereon, from and after
the date hereof, on March 31, June 30, September 30 and December 31 of each year
unless such day is not a business day, in which case it shall mean the
immediately succeeding business day, the first such interest payment for the
period beginning on and including the date hereof and ending on and excluding
June 30, 2001, at the per annum interest rate announced publicly by Citibank,
N.A. in New York, New York from time to time as its Base Rate plus 1/2% per
annum; provided, that if any such interest rate shall be lower than the
applicable interest rate for such period determined under Sections 483 and 1274
(d) of the Internal Revenue Code of 1954, as amended (the "Federal Rate"), such
Federal Rate shall apply. The amount of interest payable for any such period is
computed by multiplying the decimal equivalent of the applicable interest rate
for such period by the actual number of days in such period, dividing by 360 and
multiplying the resulting quotient by the principal amount hereof. If the
principal of this Note is prepaid in whole or in part, all accrued and unpaid
interest with respect to such principal amount prepaid is due and payable on the
date of such prepayment.

      Payment of this Note when due is secured by a pledge of and lien on the
Series D Floating Rate Subordinated Convertible Debenture due 2011 of the Payee
dated April 26, 2001 in the principal amount of $9,600,000, issued in the name
of the undersigned, which Debenture, accompanied by an executed transfer power
for such Debenture and in proper form for transfer, has been delivered to the
Payee.

      In the event of the non-payment when due of any liability of the
undersigned to the Payee hereunder, then, or at any time after the happening of
such event, the holder of this Note may, without demand upon or notice to the
undersigned (both of which are expressly waived by the undersigned), declare all
sums owing hereon to be, and such sums shall become, due and payable. Upon such
declaration, the Payee will, to the extent practicable, set off any amounts
owing hereon by the undersigned with amounts owing by the Payee pursuant to the
Series D Floating Rate Subordinated Debenture due 2011. This Note shall be
construed according to and governed by the laws of the State of Texas.

      By its acceptance hereof, the Payee of this promissory note, hereby
acknowledges and agrees that if (i) Rowan Companies, Inc., a Delaware
corporation (the "Company") fails, at any time, to fulfill its
<PAGE>
payment obligations owing in respect of its Series D Floating Rate Subordinated
Convertible Debenture due 2011 or (ii) an Event of Default (as such term is
defined in the Debenture) has occurred and is continuing, the payment
obligations (with respect to principal and interest) of the undersigned maker of
this promissory note under the terms hereof will, automatically be suspended and
terminated until such time, if any, that the Company has fulfilled all of its
payment obligations then due and owing in respect of the Debenture or such Event
of Default no longer exists, as the case may be.

                                             --------------------------------<PAGE>

                                                                      EXHIBIT 4q

                                 PROMISSORY NOTE

                                 Houston, Texas         September 20, 2001

      C. R. Palmer, for value received, promises and agrees to pay on or before
September 20, 2011 unto the order of Rowan Companies, Inc. (hereinafter called
"Payee"), at the offices of the Payee in Houston, Texas in lawful money of the
United States of America, the principal sum of One Million One Hundred
Ninety-Four Thousand and No/100 Dollars ($1,194,000), together with interest
thereon, from and after the date hereof, on March 31, June 30, September 30 and
December 31 of each year unless such day is not a business day, in which case it
shall mean the immediately succeeding business day, the first such interest
payment for the period beginning on and including the date hereof and ending on
and excluding October 31, 2001, at the per annum interest rate announced
publicly by Citibank, N.A. in New York, New York from time to time as its Base
Rate plus 1/2% per annum; provided, that if any such interest rate shall be
lower than the applicable interest rate for such period determined under
Sections 483 and 1274 (d) of the Internal Revenue Code of 1954, as amended (the
"Federal Rate"), such Federal Rate shall apply. The amount of interest payable
for any such period is computed by multiplying the decimal equivalent of the
applicable interest rate for such period by the actual number of days in such
period, dividing by 360 and multiplying the resulting quotient by the principal
amount hereof. If the principal of this Note is prepaid in whole or in part, all
accrued and unpaid interest with respect to such principal amount prepaid is due
and payable on the date of such prepayment.

      Payment of this Note when due is secured by a pledge of and lien on the
Series E Floating Rate Subordinated Convertible Debenture due 2011 of the Payee
dated September 20, 2001 in the principal amount of $1,194,000, issued in the
name of the undersigned, which Debenture, accompanied by an executed transfer
power for such Debenture and in proper form for transfer, has been delivered to
the Payee.

      In the event of the non-payment when due of any liability of the
undersigned to the Payee hereunder, then, or at any time after the happening of
such event, the holder of this Note may, without demand upon or notice to the
undersigned (both of which are expressly waived by the undersigned), declare all
sums owing hereon to be, and such sums shall become, due and payable. Upon such
declaration, the Payee will, to the extent practicable, set off any amounts
owing hereon by the undersigned with amounts owing by the Payee pursuant to the
Series E Floating Rate Subordinated Debenture due 2011. This Note shall be
construed according to and governed by the laws of the State of Texas.
<PAGE>
         By its acceptance hereof, the Payee of this promissory note, hereby
acknowledges and agrees that if (i) Rowan Companies, Inc., a Delaware
corporation (the "Company") fails, at any time, to fulfill its payment
obligations owing in respect of its Series E Floating Rate Subordinated
Convertible Debenture due 2011 or (ii) an Event of Default (as such term is
defined in the Debenture) has occurred and is continuing, the payment
obligations (with respect to principal and interest) of the undersigned maker of
this promissory note under the terms hereof will, automatically be suspended and
terminated until such time, if any, that the Company has fulfilled all of its
payment obligations then due and owing in respect of the Debenture or such Event
of Default no longer exists, as the case may be.

                                                  -----------------------------

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