Investor Presentation December 2015

Investor Presentation December 2015 1

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 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 or renegotiation by our customers of drilling contracts, letter agreements or letters of intent or the exercise of early termination provisions, risks associated with fixed cost drilling operations, cost overruns or delays on shipyard repair, construction or transportation of drilling units, maintenance and repair costs, costs 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 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

Company Overview & Investment Highlights Market Dynamics Delivering Shareholder Value Conclusion

Rowan Has Evolved into a Pure Play, High-Spec Offshore Driller COMPANY OVERVIEW & INVESTMENT HIGHLIGHTS 5

Rowan Overview & Investment Highlights COMPANY OVERVIEW & INVESTMENT HIGHLIGHTS As a result of our timely strategic decisions and investments, Rowan is well positioned to navigate the current challenging market RDC: NYSE-listed Company Overview Investment Grade (BBB- / Baa3) 3,555 direct employees worldwide (1) 32 offshore drilling units 4 UDW (2) drillships 28 Jack-ups (3) 19 High-Specification and 8 Premium 1 2 3 4 Investment Highlights Competitive differentiation in drilling demanding wells High-specification (4) fleet strategically positioned in key markets Solid contract backlog diversified among premium customer base, geographic regions and asset types Strong & flexible financial position 5 Experienced and loyal workforce (1) As of October 31, 2015 (2) Ultra-deepwater (UDW) refers to floating drilling rigs rated for water depths of 7,500 feet or greater (3) Includes one cold stacked commodity jack-up (4) High-specification defined as rigs with a two million pound or greater hookload capacity 6

1 Rowan is Focused on Demanding Drilling Services Our mission is to be recognized by our customers as the most efficient and capable provider of demanding contract drilling services COMPANY OVERVIEW & INVESTMENT HIGHLIGHTS Ekofisk West Franklin Rowan s Demanding Drilling Achievement Highlights: Temperatures up to 450 F Pressures greater than 20,000 psi Hookloads exceeding 2,000,000 lbs Drilling depths beyond 30,000 ft JU water depths exceeding 400 ft Will K Blackbeard Jackdaw Forties Field Al-Shaheen Lower Tertiary Extended Reach Gas Rowan ranks #1 among offshore drillers for HPHT applications four out of the last five Energypoint Research Inc. surveys 7

2 Rowan Has a Leading Position in High-Spec Jack-ups COMPANY OVERVIEW & INVESTMENT HIGHLIGHTS High-Specification Jack-up Fleet Well Positioned to Outperform 2,000,000+ lb hookload capability Rugged and reliable legs and jacking system High pressure drilling systems Backlog extending into 2024 Valued jack-up customers 8

2 Rowan Ultra-Deepwater Drillships are Best-in-Class COMPANY OVERVIEW & INVESTMENT HIGHLIGHTS Best-in-class drillships, all on contract Dual, redundant sevenram BOPs 2,500,000 lb hook load Designed and equipped for 12,000 foot water depth All four rigs contracted into 2017 and beyond Valued UDW customers 9

2 Rowan s Fleet Strategically Positioned in Global Markets COMPANY OVERVIEW & INVESTMENT HIGHLIGHTS 10

3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 USD Millions 3 Rowan has Solid Backlog with Diversity of Customers, Geographic Regions, and Asset Base COMPANY OVERVIEW & INVESTMENT HIGHLIGHTS Contract Backlog by Region & Asset Type Contract Backlog by Customer Type 14% 3% 1% 3% 40% Majors / Independent 63% NOCs 37% 38% Deepwater Norway Middle East Trinidad Over 80% of backlog is with NOCs or investment grade customers 2,000 1,500 Contract Backlog by Year * Total backlog of $4.1B that extends to 2024 300% 200% Book / Bill ** (Backlog Replacement Ratio) Rowan Competitors Average Excluding Rowan 1,000 100% 500 0% - 2015 2016 2017 2018+ * as of November 3, 2015 ** Source: FactSet as of October 21, 2015; competitors include Transocean, Seadrill, Diamond Offshore, Ensco, Atwood, Noble, Ocean Rig, Pacific Drilling, Paragon Offshore. 11

5.000% 7.875% 4.875% 4.750% 5.400% 5.850% USD Millions 22.5 bps (undrawn) 4 Strong Financial Position Strong balance sheet / Investment grade credit rating (BBB- / Baa3) provides: Access to capital even in challenging markets The ability to grow opportunistically COMPANY OVERVIEW & INVESTMENT HIGHLIGHTS Attractive debt maturity profile with significant untapped borrowing capacity available from $1.5B revolver Current cash plus projected free cash flow from existing backlog exceeds debt maturities through 2018 $1,600 $1,400 $1,200 $1,000 $800 $600 Available $1.5B revolver Outstanding Debt is $2.8 Billion* $400 $200 $0 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 * As of November 3, 2015; weighted-average annual interest rate is 5.6% 2042 2044 12

In Millions 4 Strong Financial Position Rowan has $0 in Newbuild Capex Commitments and only $400mm in Debt Maturities through 2017* $2,000 $1,800 $1,600 $1,400 $1,200 $1,000 $800 $600 $400 $200 $0 COMPANY OVERVIEW & INVESTMENT HIGHLIGHTS Total: ~$6,300 Debt: ~$3,000 Newbuilds: ~$3,300 Total: ~$11,000 Debt: ~$6,000 Newbuilds: ~$5,000 Newbuild Commitments Through 2017 Debt Maturities Through 2017 * Source: Company filings; as of September 8, 2015; peer group includes Atwood Oceanics, Diamond Offshore, Ensco, Noble, Ocean Rig, PacificDrilling, Seadrill, Transocean, Vantage. 13

5 Rowan Has an Experienced and Loyal Workforce 92-year history of operating excellence Culture of continuous improvement COMPANY OVERVIEW & INVESTMENT HIGHLIGHTS Experienced and loyal employees with proven industry leadership Strong commitment to safe and reliable operations supports goal of highest customer satisfaction Rowan is one team built around great equipment, great people, and shared mission and values 14

Company Overview & Investment Highlights Market Dynamics Delivering Shareholder Value Conclusion

More Capable Rigs Likely to Work Through the Cycle Jack-ups Worldwide jack-up total utilization by rig class MARKET DYNAMICS 100 % 60 units 80 60 122 units 160 units 141 units 40 59 units 20 IS, MS, MC <300'IC 300'IC 350'+ IC High Spec* * 350 IC+ jack-ups with two million pound or greater hookload Includes data supplied by IHS-Petrodata, Inc; Copyright 2015 as of November 8, 2015 16

More Capable Rigs Likely to Work Through the Cycle Jack-ups 20 18 16 14 12 10 8 6 4 2 0 Number of High-Specification Jack-Ups 19 Rowan High-Spec Jack-ups MARKET DYNAMICS Customers Demand Higher-Specification Rigs Drilling challenging wellbore designs Focused on achieving lower wellbore costs Higher regulatory standards Current By YE 2020 Includes data supplied by IHS-Petrodata, Inc. Copyright 2015 and Rowan Companies; as of November 8, 2015 17

More Capable Rigs Likely to Work Through the Cycle Drillships & Semi-Submersibles Worldwide floater total utilization by water depth / hookload MARKET DYNAMICS 100 % 90 80 70 60 58 units 107 units 95 units 49 units 50 <5,000' 5,000'-7,499' 7,500'+ / <1,250 tons 7,500'+ / 1,250+ tons *Floater Market includes drillships and semis Includes data supplied by IHS-Petrodata, Inc; Copyright 2015, as of November 7, 2015 18

Rowan Company Atwood A Company Vantage B Company Pacific C Company Diamond D Company Ensco E Company Ocean Rig F Company Noble G Transocean Company H Company Seadrill I More Capable Rigs Likely to Work Through the Cycle Drillships & Semi-Submersibles MARKET DYNAMICS Rowan is the only company with no floater availability through 2016 * 2017 availability is less than 40%; peers average over 70% * Rowan is currently in discussions with its deepwater customers to blend and extend, potentially securing additional backlog 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% Floater Availability (Uncontracted Days) 2015 2016 2017 * Source: Company filings; as of September 8, 2015; peer group includes Atwood Oceanics, Diamond Offshore, Ensco, Noble, Ocean Rig, PacificDrilling, Seadrill, Transocean, Vantage. 19

More Capable Rigs Likely to Work Through the Cycle Drillships & Semi-Submersibles MARKET DYNAMICS Few rigs possess the specifications required for today s demanding wells and pending regulations 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 220 Only 17% of UDW Rigs * 19 133 31 37 IMO Tier III emissions compliance All UDW 750 tons 1,000 tons 1,250 tons 1 BOP 1,250 tons 2 x BOP * Includes data supplied by IHS-Petrodata, Inc; Copyright 2015; Rowan estimate, includes newbuilds; as of November 3, 2015. 20

Company Overview & Investment Highlights Market Dynamics Delivering Shareholder Value Conclusion

Priorities to Deliver Shareholder Value DELIVERING SHAREHOLDER VALUE Highest Customer Satisfaction Customers want: Safe and reliable operations Managed operational risk Procedural discipline Low flat spot time Solid counterparty stability Strong Financial Returns Rowan will improve our return on assets, profit margins, and maximize the earnings power of our fleet Best Place To Work Employees want to be part of a winning high- performing team, a career path with development opportunities, and a healthy work-life balance 22

Rowan is Focused on Strong Financial Returns DELIVERING SHAREHOLDER VALUE Execution Strong Financial Returns Cost Control Optimal Capital Allocation 23

Executing Operational Efficiency DELIVERING SHAREHOLDER VALUE Rowan is focused on maintaining low levels of operational downtime and reducing out-of-service time to drive higher earnings and improve margins 4% 3% 2% 1% 0% Unbillable Operational Downtime Jack-up Target: 2.5% Drillship Target: ~5% 30% 25% 20% 15% 10% 5% 0% Out-of-Service Time (OOS) * FY 2015 Target: 3-6% (excludes idle time) * Out-of-Service Time (OOS) are those days when a rig is out of service and is not able to earn revenue. The Company may be compensated for certain out-of-service days, such as for shipyard stays or for rig transit periods preceding a contract; however, recognition of any such compensation is deferred and recognized over the period of drilling operations. 24

Cost Control: Rowan is Focused on Cost Efficiency DELIVERING SHAREHOLDER VALUE Cost Structure Review back office and support processes for efficiency and focus on controlling off-rig costs Reducing costs of offshore crews Cost Control Rig Inventories Maintenance Systems Optimize inventories of parts and capital spares Reduce costs by strategically sourcing with key vendors Streamline maintenance systems Optimize preventive maintenance Performance Management Drive performance through strong key performance indicators and clear incentives at regional and rig levels 25

Cost Control Focus Has Had Material Impact $ in millions DELIVERING SHAREHOLDER VALUE 2014 & 2015 Projections Preliminary (Nov. 2014) Year-End (Feb.) May August Current* Reduction Drilling Expense $1,130 - $1,160 $1,100 - $1,120 $1,015 - $1,030 $1,000 - $1,010 $965 - $970 ~16% SG&A $133 - $136 $120 - $130 $115 - $120 $115 - $120 $118 ~12% Non-newbuild Capex $250 - $310 $190 $190 $190 $175 ~30% - 45% * As of November 3, 2015 26

Optimal Capital Allocation: Options to Maximize Shareholder Value DELIVERING SHAREHOLDER VALUE As Rowan continues to generate free cash flow, we will consider all capital allocation options while maintaining a strong balance sheet Optimal Capital Allocation Asset Acquisitions and Divestitures Upgrades of Existing Rigs Debt Repayment Consider acquisition of quality assets if pricing and contract opportunities are attractive Consider building assets against contracts with suitable rate and term Continue divesting older assets Invest in older assets only if returns are clear Consider early retirement of debt to maintain solid balance sheet Dividends Enhance shareholder value through a regular quarterly cash dividend Share Repurchases In this uncertain time, we stay the course. However, we will continue to opportunistically consider share repurchases 27

Company Overview & Investment Highlights Market Dynamics Delivering Shareholder Value Conclusion

Rowan is Positioned to Benefit from its Strategic Actions 1 Competitive differentiation in drilling demanding wells 2 High-specification fleet well positioned in key industry segments 3 Solid contract backlog diversified among premium customer base, geographic regions and asset types 4 Strong financial position 5 Experienced and loyal workforce 29

Appendix

Worldwide Marketed Jack-up Utilization has dropped to 79% Marketed Supply: 476 units APPENDIX North Sea 82% 50 Rigs Mediterranean US GOM 43% 23 Rigs 69% 16 Rigs Middle East 86% 152 Rigs Mexico 82% 45 Rigs C&S America 91% 11 Rigs Indian Ocean 92% 37 Rigs Southeast Asia 63% 67 Rigs West Africa 62% 26 Rigs 100% 3 Rigs Australia Includes data supplied by IHS-Petrodata, Inc; Copyright 2015 as of November 8, 2015 31

Worldwide Marketed UDW Utilization has dropped to 87% Marketed Supply: 152 units APPENDIX USA 96% 49 Rigs E. Canada 100% 3 Rigs N Sea 100% 5 Rigs 0% 1 Rig Mediterranean 100% 4 Rig Far East 50% 2 Rigs Mexico 100% 4 Rigs Indian Ocean SE Asia 29% 7 Rigs 100% 3 Rigs C&S America 84% 38 Rigs West Africa 83% 35 Rigs Australia 100% 2 Rig Includes data supplied by IHS-Petrodata, Inc; Copyright 2015 as of November 8, 2015 32

Current Rowan Avg. Regional Offshore Rig Operating Costs As of November 2015 As of September 2014 Region Jack-ups ($K/day) Jack-ups ($K/day) Gulf of Mexico Mid $40s Low $50s Low Mid $50s Middle East Mid $40s Low $60s Mid $50s Mid $70s U.K. North Sea Mid High $70s Mid High $80s Norway North Sea Mid $120s - Low $130s Low Mid $160s Southeast Asia Mid High $40s Mid High $50s Trinidad Mid $60s Mid $70s Mid $60s Low $70s Region Drillships ($K/day) Drillships ($K/day) Gulf of Mexico Low $150s Low $160s High $160s High $170s APPENDIX As of November 3, 2015. Ranges exclude mobilization amortization and rebills. Daily operating costs vary by rig class and region. Higher capable rigs generally earn higher day rates and typically have higher operating costs per day. During shipyard stays, crew and other personnel-related costs are usually capitalized rather than expensed. 33

2015 Operating Cost Components Percentage of total operating costs APPENDIX 8% 1% 4% 3% 15% 9% 59% Labor & Fringes Employee-related * R&M Insurance Rig moves Rebillables All other ** * Employee-related costs include training, catering and crew transportation ** Other includes rentals, medics, agent commissions, satellite communications and other misc. drilling costs As of November 3, 2015 34

Rowan Guidance as of November 3, 2015 APPENDIX Key metrics: Jack-up Operational Downtime (unbillable) 2Q 2015 Actual Slightly over 1% 3Q 2015 Actual FY 2015 Projected FY 2016 Projected ~1% 2.5% 2.5% Drillship Operational Downtime (1) ~13% ~4% Slightly higher than 5% Slightly higher than 5% Contract Drilling Expenses (excluding rebills) $241 MM $236 MM $965 - $970 MM $930 - $950 MM SG&A $31 MM $29 MM ~$118 MM $105 - $115 MM Depreciation $95 MM $104 MM Slightly over $390 MM $405 - $415 MM Interest Expense, Net of Capitalized Interest $31 MM $41 MM ~$146 MM $160 - $165 MM Effective Tax Rate (normalized) ~8% ~8% Q4 rate in mid-teens N/A Capital Expenditures $102 MM $58 MM $740 - $745 MM $175 - $200 MM (2) (1) Rowan expects operational downtime for the drillships to be less than 5% after approximately six-months up to one year break in period during which operational downtime is likely to be somewhat higher. (2) Rowan expects 2016 maintenance capital expenditures to range from $175 - $200 MM, excluding any contractual modifications that may arise due to securing additional work, none of which is currently planned. 35

Investor Contacts: Chris Pitre Director, 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