Document:

<PAGE>
                                                                     EXHIBIT 10k

               Outline of Duties, Responsibilities and Activities
                 Non-Executive Chairman of Rowan Companies, Inc.
                              Effective May 1, 2003

In addition to the duties, responsibilities and activities provided by the
Corporate By Laws and Board Resolutions, the non-executive chairman is to be
involved actively in the areas of:

         -        Corporate Governance

         -        Management Succession and Transition

         -        Business Development

         -        Investor Relations

         -        Government Relations

         -        Industry Affairs

Corporate Governance

In addition to Chairman of meetings of the Board of Directors and Stockholders,
he will serve as

         Chairman - Executive Committee
         Director of:

                  Rowan Drilling UK Ltd. - London
                  British American Offshore Ltd. - London
                  RDC Marine, Inc.  (Corporate aviation)
                  Aberuchill Ltd. - Perthshire

         Ex-Officio Member - Pension Fund Committee

Management Succession & Transition

Provide advice and counsel, as requested by the Board of Directors and/or
management

Business Development

         -        Focus primarily on eastern Canada, North Sea and Alaska

         -        Oversight corporate entertainment facilities

Investor Relations

         -        Provide advice and counsel upon request

Government Relations

         -        Maintain contacts with certain elected officials and
                  regulatory agencies

<PAGE>

Industry Affairs

Continue involvement with:

         -        American Bureau of Shipping (ABS) - Member and Council

         -        American Petroleum Institute (API) - Directors

         -        National Petroleum Council (NPC) - Member and Chairman of
                  Appointment Committee

         -        National Ocean Industries Association (NOIA) - past Chairman

         -        International Association of Drilling Contractors (IADC) -
                  past President

         -        World Presidents Organization (WPO) - Houston Chapter and
                  International member

Compensation and Benefits

As authorized by the Compensation Committee, to include

         -        Vesting of all existing stock options and convertible
                  debentures as of May 1, 2003

         -        Compensation at the rate of $250,000/year, payable monthly
                  beginning May 1, 2003

         -        Standard post retirement medical benefits w/Medicare primary

         -        Use of current office and administrative assistant/secretary

         -        Additional compensation in accordance with that provided to
                  non-employee directors

Other

         -        Reasonable personal use of company personnel or facilities for
                  non-business activities. The Company to be reimbursed at a
                  rate approximating the incremental cash cost of such goods and
                  services. Included in such personal use is the corporate
                  aircraft on an "if available" basis. Reimbursement to be at
                  the standard intra-company allocation rates (approximately
                  1.25 x fuel cost).

         -        Reimbursement of all reasonable business related expenses,
                  excluding club membership dues, subject to review and approval
                  of the Board of Directors.<PAGE>
                                                                     EXHIBIT 10x

                                                                            3.01

                                 AMENDMENT NO. 1
                                       TO
                       COMMITMENT TO GUARANTEE OBLIGATIONS

                  THIS AMENDMENT NO. 1, dated as of June 30, 2003 (the
"Amendment"), to that certain Commitment to Guarantee Obligations, dated as of
October 29, 1999 (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 October 29, 1999, the Shipowner executed the
Indenture, and issued thereunder a Floating Rate Note designated, "United States
Government Guaranteed Ship Financing Obligations, GORILLA VII Series" (the
"Initial Transaction") with a maximum principal amount of $185,398,000;

                  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 $162,223,000; and

                  WHEREAS, Section 4(b) 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 (the "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
principal amount of $162,223,000;

                  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>

the Trust Indenture, Amendment No. 2 to the Security Agreement, and the
Obligations to be issued June 30, 2003, the forms of which are hereby approved
by the Secretary.

                  SECTION 1.02 Article III of the Commitment shall be amended
pursuant to Article V 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
October 29, 1999, 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>

                  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>

                                                                     EXHIBIT 10y

                                                                            4.04

                                SUPPLEMENT NO. 1
                                       TO
                                 TRUST INDENTURE

                  THIS SUPPLEMENT NO. 1, dated as of June 30, 2003 ("Supplement
No. 1"), to that certain Trust Indenture dated as of October 29, 1999 (the
"Indenture") is by and between MANUFACTURERS AND TRADERS TRUST COMPANY, a New
York banking corporation (successor-in-interest to ALLFIRST TRUST COMPANY,
NATIONAL ASSOCIATION, 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 October 29, 1999, the Shipowner executed the
Indenture, and issued thereunder a Floating Rate Note designated, "United States
Government Guaranteed Ship Financing Obligations, GORILLA VII Series" (the
"Initial Transaction") with a maximum principal amount of $185,398,000;

                  WHEREAS, Section 4(b) 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 $162,223,000; 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
principal amount of $162,223,000.

                  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>

                                  ARTICLE FIRST

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

         "Authorized Newspapers" means The Wall Street Journal (all editions),
or if it ceases to exist, then in such other newspaper(s) as the Secretary may
designate.

         "Effective Date" means June 30, 2003.

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

         "Reinvestment Rate" means the yield determined by the Indenture
Trustee, based on information received from the Holder or calculation agent, to
be the yield of the issue of actively traded United States Treasury securities
having a maturity equal to the Weighted Average Life to Final Maturity plus
..10%; provided, however, that if such Weighted Average Life to Final Maturity is
not equal to the maturity of an actively traded United States Treasury security
(rounded to the nearest one-twelfth of a year), such yield shall be obtained by
linear interpolation from the yields of actively traded United States Treasury
securities having the greater maturity closest to and the lesser maturity
closest to such Weighted Average Life to Final Maturity. The yields shall be
determined by reference to the yields as indicated by Telerate Access Service
(page 8003 or the relevant page at the date of determination indicating such
yields) (or, if such data ceases to be available, any publicly available sources
of similar market data) at approximately 11:00 a.m. (New York City time) on the
Make-Whole Premium Determination Date.

         "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

                                      -2-
<PAGE>

                  The Indenture shall be amended as follows:

         Section 2.01 The Obligations. Article 2(a) of the Special Provisions of
the Indenture is hereby amended and restated in its entirety as follows:

                           (a)      The Obligations issued hereunder shall be
                  designated "United States Government Guaranteed Ship Financing
                  Obligations, GORILLA VII 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 $162,223,000.

         Section 2.02 Endorsement of Floating Rate Note. On the Effective Date,
the Floating Rate Note issued on October 29, 1999 shall be endorsed to show the
redemption of the outstanding amount and thereupon shall be cancelled.

         Section 2.03 Form of Fixed Rate Note. 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 2.04 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, the provisions of the
original document held by the Secretary shall prevail.

                                      -3-
<PAGE>

                  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

                                           MANUFACTURERS AND TRADERS TRUST
                                           COMPANY
(SEAL)                                     Indenture Trustee

ATTEST:

                                           By:______________________________
                                              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-

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