Document:

<PAGE>   1
                                                                     EXHIBIT 10v

                                 AMENDMENT NO. 1
                                       TO
                       COMMITMENT TO GUARANTEE OBLIGATIONS

                  THIS AMENDMENT NO. 1, dated as of March 15, 2001 (the
"Amendment"), to that certain Commitment to Guarantee Obligations, dated as of
September 29, 1998 (the "Commitment"), is by and between the United States of
America, represented by the Secretary of Transportation, acting by and through
the Maritime Administration (the "Secretary"), and ROWAN COMPANIES, INC. (the
"Shipowner", and together with the Secretary, the "Parties").

                  WHEREAS, on September 29, 1998, the Shipowner executed the
Indenture, and issued thereunder a Floating Rate Note designated, "United States
Government Guaranteed Ship Financing Obligations, GORILLA VI Series" (the
"Initial Transaction") with a maximum principal amount of $171,007,000;

                  WHEREAS, pursuant to Title XI of the Merchant Marine Act,
1936, the Secretary guaranteed the payment of outstanding principal of and
interest on the Floating Rate Note ("the Obligations"), the outstanding
principal amount of which is currently $156,755,000; and

                  WHEREAS, Article Fourth of the Special Provisions of the Trust
Indenture provides that the Shipowner may redeem or repay the Floating Rate
Note, in whole or in part, on a Redemption Date designated by the Shipowner,
from the proceeds of the issuance of a fixed rate note; and

                  WHEREAS, the Parties wish to amend certain documents relating
to the Initial Transaction in order to provide for the complete redemption of
the Floating Rate Note, by the issuance of a fixed rate note in the aggregate
amount of $156,755,000;

                  NOW THEREFORE, in consideration of the mutual rights and
obligations set forth herein and of other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the Parties agree as
follows:

                  SECTION 1.01 Annexed to each counterpart of this Amendment No.
1 to the Commitment to Guarantee Obligations are the forms of the Obligation
Purchase Agreement, Supplement No. 1 to

                                       -1-

<PAGE>   2

the Trust Indenture, Amendment No. 2 to the Security Agreement, and the
Obligations to be issued March 15, 2001, the forms of which are hereby approved
by the Secretary.

                  SECTION 1.02 Article III of the Commitment shall be amended
pursuant to Article VI thereof, as follows:

         The Obligations to be issued as a fixed rate note shall be as provided
in the Indenture and in the form of the Fixed Rate Note annexed as Exhibit 3B to
the Indenture. The Obligations shall be subject to all of the terms and
conditions set forth in the Indenture. Supplement No. 1 to the Trust Indenture,
Amendment No. 2 to the Security Agreement, and the Obligations to be issued as a
fixed rate note shall be executed and delivered by the Shipowner on the
Effective Date.

                  Except as so amended, the provisions of the Commitment shall
apply to and govern this Amendment No. 1 to Commitment to Guarantee Obligations.

                  Capitalized terms not specifically defined herein shall have
the respective meanings stated in Schedule A to the Trust Indenture dated as of
September 29, 1998, as amended, between the Shipowner and the Indenture Trustee.

                  This Amendment No. 1 to Commitment to Guarantee Obligations
may be executed in several counterparts, each of which shall be deemed an
original, but all of which together shall constitute one and the same
instrument.

                  Notwithstanding any provision herein, in the event there are
any inconsistencies between the original of this document held by the Secretary,
and an original held by any other party to this transaction, this provisions of
the original held by the Secretary shall prevail.

                                      -2-
<PAGE>   3

                  IN WITNESS WHEREOF, this Amendment No. 1 to Commitment to
Guarantee Obligations has been executed and sealed by the United States and
accepted and sealed by the Shipowner on the day and year first above written.

                                            UNITED STATES OF AMERICA
                                            SECRETARY OF TRANSPORTATION

                                            BY:  MARITIME ADMINISTRATOR
(SEAL)

ATTEST:
                                            --------------------------------
                                            Secretary

--------------------------
Assistant Secretary

                                            ROWAN COMPANIES, INC.

(SEAL)

ATTEST:                                     By:
                                               -------------------------------
                                               Senior Vice President

--------------------------
Secretary

                                       -3-<PAGE>   1
                                                                     EXHIBIT 10w

                                SUPPLEMENT NO. 1
                                       TO
                                 TRUST INDENTURE

                  THIS SUPPLEMENT NO. 1, dated as of March 15, 2001 ("Supplement
No. 1"), to that certain Trust Indenture dated as of September 29, 1998 (the
"Indenture") is by and between CITIBANK, N.A., a national banking association,
as indenture trustee (the "Indenture Trustee"), and ROWAN COMPANIES, INC. (the
"Shipowner", and together with the Indenture Trustee, the "Parties").

                  WHEREAS, on September 29, 1998, the Shipowner executed the
Indenture, and issued thereunder a Floating Rate Note designated, "United States
Government Guaranteed Ship Financing Obligations, GORILLA VI Series" (the
"Initial Transaction") with a maximum principal amount of $171,070,000;

                  WHEREAS, Article Fourth of the Special Provisions of the
Indenture provides that the Shipowner may redeem or repay the Floating Rate
Note, in whole or in part, on a Redemption Date designated by the Shipowner,
from the proceeds of the issuance of a fixed rate note;

                  WHEREAS, the outstanding principal amount of the Floating Rate
Note is currently $156,755,000; and

                  WHEREAS, the Parties wish to amend certain documents relating
to the Initial Transaction in order to provide for the complete redemption of
the Floating Rate Note by the issuance of a fixed rate note in the aggregate
amount of $156,755,000.

                  NOW THEREFORE, in consideration of the mutual rights and
obligations set forth herein and of other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the Parties agree as
follows:

<PAGE>   2

                                  ARTICLE FIRST

                  SECTION 1.01 SCHEDULE A. Schedule A to the Indenture is hereby
amended by adding the following definitions:

         "Effective Date" means March 15, 2001.

         "Fixed Rate Note" shall mean an Obligation substantially in the form of
Exhibit 3B to the Indenture, appropriately completed.

         "Secretary" means the Secretary of Transportation or any official or
official body from time to time duly authorized to perform the duties and
functions of the Secretary of Transportation under Title XI of the Act
(including the Maritime Administrator, the Acting Maritime Administrator, and to
the extent so authorized, the Deputy Maritime Administrator, the Acting Deputy
Maritime Administrator, and other officials of the Maritime Administration).

         All other capitalized terms used herein have the meanings set forth in
Schedule A to the Indenture, as amended.

                                 ARTICLE SECOND

         The Indenture shall be amended as follows:

         Section 2.01 The Obligations. Article Second (a) of the Special
Provisions of the Indenture is restated in its entirety as follows:

                           (a) The Obligations issued hereunder shall be
                  designated "United States Government Guaranteed Ship Financing
                  Obligations, GORILLA VI Series," and shall be substantially in
                  the form of Exhibit 3B to this Indenture; and, the aggregate
                  principal amount of Obligations which may be issued under this
                  Indenture shall not exceed $156,755,000 except as provided in
                  Sections 2.09, 2.10, 2.12 and 3.10(b) of Exhibit 1 hereto.

         Section 2.02. Optional Redemptions of Obligations at Make-Whole
Premium. Article Fourth (c) of the Special Provisions of the Indenture is
restated in its entirety as follows:

                                       -2-

<PAGE>   3

                  (c) Optional Redemptions of Obligations at Make-Whole Premium.
                  At its option, the Shipowner may prepay on any Interest
                  Payment Date the Fixed Rate Notes, in whole or in part, at a
                  Redemption Price equal to 100% of the principal amount thereof
                  together with interest accrued thereon to the Redemption Date
                  plus the Make-Whole Premium, if any. Prepayments shall be
                  applied pro rata against each Fixed Rate Note and applied
                  against the scheduled principal payments in the inverse order
                  of scheduled maturity.

         Section 2.03 Endorsement of Floating Rate Note. On the Effective Date,
the Floating Rate Note issued on September 29, 1998 shall be endorsed to show
the redemption of the outstanding amount and thereupon shall be cancelled.

         Section 2.04 Forms of Fixed Rate Notes. The form of Fixed Rate Note
attached as Exhibit 3 to the Indenture is renumbered as Exhibit 3A and the form
of Fixed Rate Note attached as an Exhibit to this Supplement is designated as
Exhibit 3B to the Indenture.

         Section 2.05 Issuance of Fixed Rate Note. On and after the Effective
Date, the Shipowner shall issue and deliver to the Holders thereof Fixed Rate
Note(s) in accordance with the Indenture substantially in the form of Exhibit 3B
to the Indenture.

         Except as so amended, the provisions of the Indenture are hereby
confirmed, and shall remain in full force and effect.

         This Supplement No. 1 to the Indenture may be executed in several
counterparts, each of which shall be deemed an original, but all of which
together shall constitute one and the same instrument.

         Notwithstanding any provision herein, in the event there are any
inconsistencies between the original of this document held by the Secretary, and
an original held by any other party to this transaction, this provisions of the
original held by the Secretary shall prevail.

                                       -3-

<PAGE>   4

         IN WITNESS WHEREOF, this Supplement No. 1 to the Indenture has been
duly executed by the Parties as of the day and year first above written.

(SEAL)                                    ROWAN COMPANIES, INC.

ATTEST:
                                          By:
                                             -------------------------------
                                             Senior Vice President
------------------------
Secretary

                                          CITIBANK, N.A.
(SEAL)                                    Indenture Trustee

ATTEST:
                                          By:
                                             -------------------------------
                                             Title: Assistant Vice President
------------------------
Vice President

CONSENT:

         Pursuant to Section 10.05 of the General Provisions Incorporated into
the Trust Indenture by Reference attached as Exhibit 1 to the Trust Indenture,
the Secretary hereby consents to this Supplement No. 1 to the Trust Indenture.

ATTEST:                                   UNITED STATES OF AMERICA,
                                          SECRETARY OF TRANSPORTATION

                                          BY:  MARITIME ADMINISTRATION
-----------------------

                                          By:
                                             --------------------------------
                                             Secretary

                                       -4-

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00022-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00022-of-00352.parquet"}]]