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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington,D.C.20549

SCHEDULE 14AProxy Statement Pursuant to Section 14(a) of the Securities

Exchange Act of 1934 (Amendment No. )

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ROWAN COMPANIES PLC

(NameofRegistrantasSpecifiedInItsCharter)

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Rowan Companies plc2017 Annual General

Meeting of ShareholdersMay 25, 2017

Dear Fellow Shareholder:IampleasedtoinviteyoutotheRowanCompaniesplcAnnualGeneralMeetingofShareholderstobeheldonMay25,2017at2:00p.m.,Londontimeat99Bishopsgate,LondonEC2M3XF,UnitedKingdom.YouwillbeaskedtovoteontheproposalslistedintheNoticeofAnnualMeeting.TheBoardofDirectorsrecommendsthatyouvoteFOReachoftheseproposals.Asashareholder,itisimportantthatyoursharesarerepresentedatthemeetingbyproxyorinperson.IencourageyoutocastyourvoteandtocontinueyoursupportofRowan.

PRIDE IN ACCOMPLISHMENTS DESPITE ONGOING MARKET STRUGGLESTheoffshoredrillingindustryfacedseveremarketchallengesthroughout2016.Operatorbudgetsgenerallydeclinedforthethirdstraightyear,aneventthathasnotoccurredsincethe1980s,drivingfurthercontractcancellationsandreduceddemand.Theoverhangofasubstantialnumberofnewbuildunitsalsoaddedtothesupplyanddemandimbalancecausingworldwideutilizationtofurtherdeclineduringtheyear.Rowan bolstered its solid position among our peer group notwithstanding the trials of 2016. We announced a new jointventurewithSaudiAramco,theworld’slargestoilproducer,continuedtoreduceourcoststructure,strengthenedourliquidityand balance sheet, all while demonstrating outstanding operational and safety performance. We also made continuedprogressdivestingassetsastheyneartheendoftheirusefullives.

A NEW JOINT VENTURE PROVIDES AN UNPARALLELED LONG-TERM GROWTH OPPORTUNITYInthefourthquarterof2016,weagreedtoformajointventurewithSaudiAramco,utilizingourSaudiArabianoperationsasthefoundationforthenewcompany,withananticipatedstart-upinthesecondquarterof2017.Thenewcompanywillbeaworld-classdriller,benefittingfromRowan’sstrongjack-upoperatingexperienceandSaudiAramco’sfinancialandcontractualsupport.Thenewcompanywilladd20newbuildjack-uprigstoitsfleetoveraten-yearperiod,withthefirstjack-updeliveredasearly as2021. Thenewjack-uprigswill bebackedby long-termSaudiAramcocontractsfortheir useful lives.Thenewcompanyisexpectedtoprovidemulti-decadegrowthandstability for Rowanthroughagrowingfleet, highutilization levelsandsecure,long-termrigcommitments.

STRONG FINANCIAL RESULTS AND EFFECTIVE COST REDUCTIONSNotwithstanding declining utilization anddayrates,wesuccessfully executed a favorable blend and extend agreement withAnadarko providing backlog for our deepwater fleet into 2018, and extended several contracts with long-term customers.Rowan’s share price improved nearly 12% in 2016, and remained among the top of our peer group on a relative totalshareholderreturn(TSR)basis,andontheheelsofpeerleadingTSRperformancein2014and2015.Additionally,followingsignificantcostreductionsin2015wecontinuedtorightsizeourcoststructureforthecurrentenvironment,reducingdrillingexpensesandselling,generalandadministrativeexpensesbyapproximately24%and7%,respectively,forthefourthquarter2016 versus fourth quarter 2015 results. These efficiencies have positioned us well to endure the downturn and deliverstrongermarginsduringtheinevitableupturn.

SOLID AND CONSERVATIVE CAPITAL MANAGEMENTWesignificantlystrengthenedourliquidityin2016,increasingourcashpositionbyapproximately$770millionduring2016toendtheyearwithapproximately$1.26billion incash. Weextendedour$1.5billionundrawnrevolvingcredit facility byoneyearto2021despiteasignificanttighteningofcreditforoilfieldservicecompanies.Wealso

issued$500millioninnewseniornotesdue2025,andretiredover$500millionofdebtthatwascomingduebetween2017and2019.Thesetransactionsmeaningfullyextendedourliquidityanddemonstratedourcreditors’confidenceinourabilitytonavigatethechallengingmarketahead.

DEDICATED TO SAFE, RELIABLE AND EFFICIENT OPERATIONSOurhighestprioritiesaretomaintainaninjury-freeworkplaceandprotecttheenvironment.Weachievedoursafestyearonrecordin2016andourenvironmentalspillratewasreducedby30%comparedto2015.Ourdedicatedcrewsalsocontinuedto deliver strong downtime performance. During the year, we also launched several significant operational and processimprovements to strengthen the reliability and efficiency that our customers deserve. Our 2016 improvements includeintroducing LEAN initiatives, using data analytics projects to drive drilling performance, piloting enhanced crew trainingprogramsandstartinganambitiousandfarreachingplantoupgradeouroffshoreoperationalsystems.

PREPARING FOR THE RECOVERYOur94-yearhistoryhasbuiltasolidfoundationofoperationalexcellenceandfinancialstrengththatwebelievewillcarryusthroughthis cyclical trough. Our premiumfleet is backedbya provenandtalented workforce, weare guidedbyfinanciallyconservativeprinciples,andwebelieveweareoncoursetotakeadvantageoftheanticipatedrecoveryoftheoffshoredrillingindustry. Althoughweexpect our financial results to likelydeterioratein2017andpotentially 2018asweworkthroughourbacklog that was contracted during a stronger market environment, we believe we are well-positioned to weather thisdownturn through our cost reduction initiatives and conservative balance sheet.We begin 2017 with a sense of cautiousoptimismformarketimprovementsoverthenextyear.

Sincerely,

Thomas P. BurkePresidentandChiefExecutiveOfficer

Notice of 2017 Annual GeneralMeeting of Shareholders

Rowan Companies plcRegisteredCompanyNo.07805263Thursday, May 25, 20172:00 p.m., London TimeRowanCompaniesplc(the“Company”,“Rowan”, “us”or“we”), apubliclimitedcompanyincorporatedunderthelawsofEnglandandWales,willholdits2017annualgeneralmeetingofshareholders(the“Meeting”)onMay25,2017,beginningat2:00p.m.,Londontime(9:00a.m.,NewYorktime),at99Bishopsgate,LondonEC2M3XF,UnitedKingdom.AttheMeeting,youwillbeaskedtoapprovetheresolutionsbelow.ITEMS OF BUSINESS

Proposal

Description Board

Recommendation ORDINARY RESOLUTIONS 1. To, in the case of William E. Albrecht, Thomas P. Burke, Thomas R. Hix, Jack B. Moore, Suzanne P.

Nimocks,JohnJ.QuickeandToreI.Sandvold,re-electand,inthecaseofCharlesL.SzewsandThierryPilenko, elect, by separate ordinary resolutions, as directors of the Companyfor a termtoexpireattheannualgeneralmeetingofshareholderstobeheldin2018.

FOR

2. To approve, as a non-binding advisory resolution, the Company’s named executive officer (“NEO”)compensation as reported in this proxy statement (in accordance with requirements applicable tocompanies subject to Securities and Exchange Commission (“SEC”) reporting requirements under theSecuritiesExchangeActof1934,asamended(the“ExchangeAct”)).

FOR

3. Toapprove,asanon-bindingadvisoryresolution,thefrequencyoffutureadvisoryvotes,selectingamongonceeveryyear,everytwoyearsoreverythreeyears,onthecompensationoftheNEOspursuanttothecompensationdisclosurerulesoftheSEC.

FOR EVERY YEAR

4. ToapprovetheCompany’sdirectors’remunerationpolicy(the“Directors’RemunerationPolicy”). FOR5. To approve, as a non-binding advisory resolution, the Company’s directors’ remuneration report (the

“Directors’ Remuneration Report”) for the year ended December 31, 2016, excluding the Directors’RemunerationPolicy.

FOR

6. ToreceivetheCompany’sU.K.annual report andaccountsfor theyearendedDecember31, 2016(the“U.K.AnnualReportandAccounts”).

FOR

7. ToratifytheAuditCommittee’sappointmentofDeloitte&ToucheLLPastheCompany’sU.S.independentregisteredpublicaccountingfirm.

FOR

8. To re-appoint Deloitte LLP (“Deloitte U.K.”) as the Company’s U.K. statutory auditor under the U.K.CompaniesAct2006(the“CompaniesAct”).

FOR

9. To authorize the Audit Committee to determine the remuneration of Deloitte U.K., in its capacity as theCompany’sU.K.statutoryauditor.

FOR

10. Toapproveanamendmenttothe2013RowanCompaniesplcIncentivePlan(the“IncentivePlan”). FOR11. Toapproveformsofsharerepurchasecontractsandrepurchasecounterparties. FOR

Proposal

Description Board

Recommendation12. ToauthorizetheBoardofDirectors(the“Board”),inaccordancewithsection551oftheCompaniesAct,to

exerciseallthepowersoftheCompanytoallotsharesintheCompanyandtograntrightstosubscribefororconvertanysecurityintosharesintheCompany.

FOR

SPECIAL RESOLUTIONS 13. ToauthorizetheBoard,inaccordancewithsection570oftheCompaniesAct,toallotequitysecurities(as

defined in section 560 of the Companies Act) pursuant to the authority contemplated by the ordinaryresolutionincludedinProposal12forcashwithouttherightsofpre-emptionprovidedbysection561oftheCompaniesAct.

FOR

14. ToauthorizetheBoardinaccordancewithsection570oftheCompaniesAct,toallotequitysecurities(asdefined in section 560 of the Companies Act) pursuant to the authority contemplated by the ordinaryresolutionincludedinProposal12forcashwithouttherightsofpre-emptionprovidedbysection561oftheCompaniesActinconnectionwithanacquisitionorspecifiedcapitalinvestment.ThespecialresolutioninthisproposalisinadditiontothespecialresolutioninProposal13.

FOR

Theforegoingitemsaremorefully described (andthefull text of eachproposal is set out) in theaccompanyingproxystatement, whichshall bedeemed to forma part of thisnotice. At the date of this proxy statement, the Company does not knowof any other matters to be raised at theMeetingotherthanthosedescribedinthisproxystatement.Ifanyothermattersare,inaccordancewiththeCompaniesAct,otherapplicablelaworourarticlesofassociation(the“Articles”),properlypresentedforconsiderationattheMeeting,suchmatterswillbeconsideredattheMeetingandtheindividual(s)namedintheproxycardwillvoteonsuchmattersintheirdiscretion.

VOTING REQUIREMENTSInaccordancewiththeArticles,allresolutionswillbetakenonapoll.VotingonapollwillmeanthateachClassAOrdinaryShareisentitledtoonevoteforeachproposal.Theresolutions proposedin Proposals 1, 4 and7 through12will beproposedasordinary resolutions, whichmeansthat assumingaquorumispresent,eachsuchresolutionwillbeapprovedifasimplemajorityofthevotescastarecastinfavorthereof.Abstentionsandbrokernon-voteswillnotbecountedasavoteeitherfororagainsttheseresolutions.Ifthenumberofvotescastagainstaresolutionexceedsthenumberofvotescastfortheresolution,theresolutionwillnotbepassed.WithrespecttotheordinaryresolutionincludedinProposal6(regardingthereceiptoftheCompany’sU.K.AnnualReportandAccounts)andthenon-bindingadvisoryresolutionsinProposal2(regardingthecompensationofourNEOs),Proposal3(regardingfrequencyoffutureadvisoryvotestoapprovecompensationofNEOs)andProposal5(regardingapprovaloftheDirectors’RemunerationReport),theresultsofthevoteareadvisoryandwill not be legally binding onthe Board or anycommittee thereof to take any action (or refrain fromtaking any action). However,ourBoardvaluestheopinionsofourshareholdersasexpressedthroughadvisoryvotesandothercommunicationsandwillcarefullyconsidertheoutcomeoftheadvisoryvotes.The resolution proposed in Proposals 13 and 14 (regarding disapplication of pre-emption rights) will be proposed as special resolutions, whichmeansthatassumingaquorumispresent,theresolutionswillbeapprovedifshareholdersrepresentingatleast75%ofthevotescastvoteinfavorthereof.Abstentionsandbrokernon-voteswillnotbecountedasavoteeitherfororagainsttheseresolutions.Iffewerthan75%ofthevotescastontheresolutionarevotedinfavoroftheresolution,theresolutionwillnotbepassed.Please review the proxy statement accompanying this notice for more complete information regarding the Meeting and the full text of theresolutions to be proposed at the Meeting.WeappreciatethecontinuinginterestofourshareholdersintheCompany,andwehopeyouwillbeabletoattendtheMeeting.PleasecontacttheCompanySecretaryifyouplantoattendtheMeetinginperson.March31,2017 ByorderoftheBoardofDirectors,

MelanieM.TrentExecutiveVicePresident,GeneralCounsel,

ChiefAdministrativeOfficerandCompanySecretaryYOUR VOTE IS IMPORTANT. FOR SPECIFIC INSTRUCTIONS ON VOTING, PLEASE REFER TO THE INSTRUCTIONS INCLUDEDWITH THE NOTICE OF INTERNET AVAILABILITY OF PROXY MATERIALS OR THE PROXY CARD INCLUDED WITH THE PROXYMATERIALS.

ORGANIZATIONAL MATTERSWe have established the close of business onMarch 29, 2017 as the record date for determining the shareholders listed in our share register (registeredshareholders)entitledtoattend,voteorgrantproxiestovoteatthemeetingoranyadjournmentsorpostponementsoftheMeeting.Thisnotice,proxystatement,proxycardandtheannualreports(“proxymaterials”)arefirstbeingsentonoraboutApril 13,2017toeachshareholderinourshareregisterasoftherecorddate.BeneficialownersmayhavereceivedanoticeofInternetavailabilityofproxymaterials(the“Notice”)containinginstructionsonhowtoaccessourproxymaterialsandvoteonline.If youreceivedaNotice,youwill notreceiveaprintedcopyoftheproxymaterialsunlessyouhavepreviouslymadeapermanentelectiontoreceivethesematerialsinhardcopy.Instead,theNoticeinstructsyouastohowyoumayaccessandreviewalloftheimportantinformationcontainedintheproxymaterials.TheNoticealsoinstructsyouastohowyoumaysubmityourproxyontheInternet.IfyoureceivedaNoticebymailandwouldliketoreceiveaprintedcopyofourproxymaterials,youshouldfollowtheinstructionsforrequestingsuchmaterialsincludedintheNotice.Only shareholders who are registered in our share register as of the record date will be entitled to attend, vote or grant proxies to vote at the Meeting.Any such registered shareholder may appoint one or more proxies (provided each proxy is appointed to exercise the rights attached to a differentshare or shares held by him or her) to attend, speak and vote in his place at the Meeting. A proxy need not be a registered shareholder.AlistoftheshareholdersentitledtovoteattheMeetingisavailableatourHouston,Texasoffice.CERTAIN PROPOSALS MANDATED BY ENGLISH LAWCertainproposalsonwhichyouarebeingaskedtovotearecustomaryorrequiredforpubliclimitedcompaniesincorporatedinEnglandandWalestopresenttoshareholdersateachannualgeneralmeeting.Theseproposalsmaybeunfamiliartoshareholdersaccustomedtoproxystatementsforcompaniesorganizedinotherjurisdictions.Specifically,Proposals4through6,8,9and11through14arecustomaryproposals,andmaybemandatedbyEnglishlaw.

PROXY STATEMENT FOR THE 2017 ANNUAL GENERALMEETING OF SHAREHOLDERSThisproxystatementrelatestothesolicitationofproxiesbytheboardofdirectors(the“Board”)ofRowanCompaniesplc(the“Company”,“Rowan”,“us”or“we”)foruseatthe2017annualgeneralmeetingofshareholders(the“Meeting”)tobeheldonMay25,2017,beginningat2:00p.m.,Londontime(9:00a.m.,NewYorktime),at99Bishopsgate,LondonEC2M3XF,UnitedKingdom,andatanyadjournmentorpostponementoftheMeeting.The proxy is solicited by the Board and is revocable by you any time before it is voted. TheseproxymaterialsandvotinginstructionsarebeingmadeavailabletoyouonoraboutApril13,2017atwww.proxyvote.com.Youmayalsorequestaprintedcopyofthisproxystatementandtheformofproxybyanyofthefollowingmethods: (a)Internet atwww.proxyvote.com ; (b) telephoneat 1-800-579-1639; or (c) e-mail [email protected] .OurU.S.annualreportonForm10-K,includingconsolidatedfinancialstatementsfortheyearendedDecember31,2016(“U.S.AnnualReport”)andourU.K.annualreportandaccountsfortheyearendedDecember31,2016(the“U.K.AnnualReportandAccounts”)arebeingmadeavailableatthesametimeandbythesamemethods.TheU.S.AnnualReportandU.K.AnnualReportandAccountsarenottobeconsideredpartoftheproxysolicitationmaterialorasincorporatedbyreference.OurregisteredofficeislocatedatCannonPlace,78CannonStreet,London,EC4N6AF,UnitedKingdomandourprincipalexecutiveofficeislocatedat2800PostOakBlvd.,Suite5450,Houston,Texas77056.OurtelephonenumberinourHoustonofficeis+1-713-621-7800andourwebsiteaddressiswww.rowan.com.Informationcontainedonourwebsite,includinginformationreferredtointhisproxystatement,isnottobeconsideredaspartoftheproxysolicitationmaterialandisnotincorporatedintothisproxystatement.RecipientsofthisproxystatementmaynotuseanyelectronicaddressprovidedinthisproxystatementortheaccompanyingnoticeofmeetingtocommunicatewiththeCompanyforanypurposeotherthanexpresslystated.Rowan Companies plc is a public limited company incorporated under the laws of England and Wales, and our Class A Ordinary Shares trade on theNew York Stock Exchange (“NYSE”) under the symbol “RDC.” As a result, the Company is governed by both the U.K. Companies Act 2006 (the“Companies Act”) and U.S. securities laws and regulations and NYSE rules.

IMPORTANT NOTICE REGARDING THE AVAILABILITY OFPROXY MATERIALSThis proxy statement and our U.S. Annual Report and our U.K. Annual Report and Accounts are available at www.proxyvote.com and at our website,www.rowan.com.

Your Vote is ImportantYourvoteisveryimportant,regardlessofthenumberofsharesyouown.WhetherornotyouareabletoattendtheMeetinginperson,itisimportantthatyoursharesberepresented.PleasevoteaspromptlyaspossiblebytelephoneorviatheInternetorbysigning,datingandreturningtheproxycardmailedtothosewhoreceive paper copies of this proxy statement. Voting promptly, regardless of the number of shares you hold, will aid us in reducing the expense of anextendedproxysolicitation. If youholdClassAOrdinaryShareswithabroker or bank, youmayalsobeeligible tovotebytelephoneor viatheInternet. Forspecificinformationregardingthevotingofyourshares,pleaserefertothesectionentitled“QuestionsandAnswersabouttheMeetingandVoting.”

How to Vote

By internet By telephone By mailing your Proxy Card

Visit 24/7 www.proxyvote.com

Dial toll-free 24/7 1-800-690-6903

Mark, sign and date your proxy card and return in the

postage-paid envelope

Votes must be received before 11:59 p.m. (Eastern (New York) time) on May 23, 2017.

Table of ContentsPROXY STATEMENT SUMMARY 9 CORPORATE GOVERNANCE 13 PROPOSALS 1(a) - (i) Resolutions Regarding the Election of Directors 20 BOARD OF DIRECTORS INFORMATION 25 NON-EXECUTIVE DIRECTOR COMPENSATION 27 SECURITY OWNERSHIP OF MANAGEMENT AND CERTAIN BENEFICIAL OWNERS 29 COMPENSATION COMMITTEE REPORT 31 COMPENSATION COMMITTEE INTERLOCKS AND INSIDER PARTICIPATION 31 COMPENSATION DISCUSSION AND ANALYSIS AND U.K. STATUTORY DIRECTORS’ REMUNERATIONREPORT (PART I) 32 EXECUTIVE COMPENSATION 52 PROPOSAL 2 Advisory Resolution to Approve the Company’s NEO Compensation as Reported in

this Proxy Statement 59 PROPOSAL 3 Advisory Resolution to Approve the Frequency of Future Advisory Votes to Approve

the Compensation of NEOs 59 PROPOSAL 4 Resolution to Approve the Directors’ Remuneration Policy 60 PROPOSAL 5 Advisory Resolution to Approve the Directors’ Remuneration Report 60 AUDIT COMMITTEE REPORT 61 PROPOSAL 6 Resolution to Receive the U.K. Annual Report and Accounts 63 PROPOSAL 7 Resolution to Ratify the Appointment of Deloitte U.S. as the Company’s Independent

Registered Public Accounting Firm 64 PROPOSAL 8 Resolution to Re-Appoint Deloitte U.K. as the Company’s U.K. Statutory Auditor under

the Companies Act 64 PROPOSAL 9 Resolution to Authorize the Audit Committee to Determine Deloitte U.K.’s

Remuneration as the Company’s U.K. Statutory Auditor 65

PROPOSAL 10 Resolution to Approve an Amendment to the Company’s Incentive Plan 65

PROPOSAL 11 Resolution to Approve the Form of Share Repurchase Contracts and RepurchaseCounterparties 72

PROPOSAL 12 Resolution Authorizing the Board to Allot Equity Securities 73

PROPOSALS 13 and 14 Special Resolutions Authorizing the Board to Allot Equity Securities Without Pre-emptive Rights 74

QUESTIONS AND ANSWERS ABOUT THE PROXY, MEETING AND VOTING 76

SHAREHOLDER RESOLUTIONS FOR 2017 ANNUAL GENERAL MEETING 81

ADDITIONAL INFORMATION 84

ANNEX A (PART II) U.K. STATUTORY DIRECTORS’ REMUNERATION REPORT A-1

EXHIBIT I Proposed Amended and Restated 2013 Rowan Companies plc Incentive Plan I-1

EXHIBIT II Form of Share Repurchase Contract II-1

EXHIBIT III Form of Rule 10b5-1 Repurchase Plan III-1

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PROXY STATEMENT SUMMARYThissummaryhighlightsinformationcontainedelsewhereinthisproxystatement.Thissummarydoesnotcontainalloftheinformationthatyoushouldconsider.Youshould read the entireproxy statement carefully before voting. For further information regarding our 2016 financial performance, please reviewour U.S.AnnualReport.

2017 Annual General Meeting of ShareholdersTime and Date: Thursday,May25,2017,2:00p.m.(Londontime)Location: Latham&Watkins,99Bishopsgate,LondonEC2M3XF,UnitedKingdomRecord Date: March29,2017Voting: InaccordancewiththeCompany’sarticlesofassociation(the“Articles”),allresolutionswillbetakenonapoll.VotingonapollwillmeanthateachClassAOrdinaryShareisentitledtoonevoteforeachproposaltobevotedon.Materials: Our proxy materials are available at www.rowan.com under the heading “Investor Relations-Financial/Proxy Reports-Annual/ Quarterly/ProxyReports.”

Voting Matters and Board RecommendationsTheBoardrecommendsthatyouvoteasfollows:

Proposals to be

Voted Upon Board

Recommendation

RationaleProposalsNo.1 Re-electionandElectionof

Directors FOR The Board and the Nominating & Corporate Governance Committee

believethat thenomineespossessthenecessaryqualificationstoprovideeffective oversight of the business and quality advice and counsel to theCompany’smanagement.

ProposalsNo.2 AdvisoryResolutiononExecutiveCompensation

FOR TheCompanyisseekinganon-bindingadvisoryvotefromitsshareholdersto approve the compensation of its named executive officers (“NEO”) asdescribed in this proxy statement. The Board values shareholders’opinions, and the Compensation Committee will take into account theoutcome of the advisory vote when considering futureexecutivecompensation.

ProposalsNo.3 AdvisoryResolutionontheFrequencyofFutureAdvisoryVotestoApproveCompensationofNEOs

FOR EVERY YEAR The Board has determined that holding an advisory vote on executivecompensation every year continues to be the most appropriate policy forthe Company in order to receive timely and meaningful feedback onexecutivecompensationfromtheCompany’sshareholders.

ProposalsNo.4 ResolutiontoapprovetheDirectors’RemunerationPolicy

FOR The ordinary resolution in this proposal is required to approve theCompany’s directors’ remuneration policy (the “Directors’ RemunerationPolicy”) as set out in the Company’s directors’ remuneration report (the“Directors’ Remuneration Report”). At the 2014 annual general meeting,shareholders approved the Directors’ Remuneration Policy. However,pursuant to the Companies Act, we are required to obtain shareholderapproval of our Directors’ Remuneration Policy at least every three yearsandarethereforeseekingapprovalattheMeeting.

ProposalsNo.5 AdvisoryResolutionontheDirectors’RemunerationReport

FOR TheCompanyisseekinganon-bindingadvisoryvotefromitsshareholdersto approve the Directors’ Remuneration Report. The Board valuesshareholders’ opinions and will take into account the outcome of theadvisory vote when considering future executive and non-executivecompensation.

ProposalsNo.6 ResolutiontoReceivetheCompany’sU.K.AnnualReportandAccounts

FOR The Board is required to present at the meeting the Company’s U.K.auditedannualaccountsandrelateddirectors’andauditor’sreportsfortheyearendedDecember31,2016.

ROWAN COMPANIES PLC -2017ProxyStatement9

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Proposals to be

Voted Upon Board

Recommendation

RationaleProposalsNo.7 ResolutionRegardingthe

RatificationofAppointmentDeloitteU.S.asU.S.IndependentRegisteredPublicAccountingFirm

FOR TheBoardandtheAuditCommitteebelievethatthecontinuedretentionofDeloitte & Touche LLP (“Deloitte U.S.”) to serve as the U.S. independentregisteredaccountingfirmfortheyearendingDecember31,2017isinthebest interests of the Company and its shareholders. As a matter of goodcorporate governance, shareholders are being asked to ratify the AuditCommittee’sselectionofDeloitteU.S.astheCompany’sU.S.independentregisteredaccountingfirm.

ProposalsNo.8 ResolutionRe-AppointingDeloitteU.K.astheCompany’sU.K.StatutoryAuditorundertheCompaniesAct

FOR TheBoardandtheAuditCommitteebelievethatthecontinuedretentionofDeloitteLLP(“DeloitteU.K.”) toserveasourU.K.statutoryauditor for theyearendingDecember31,2017anduntiltheconclusionofthenextannualgeneral meeting of the shareholders at which accounts are laid is in thebest interests of the Company and its shareholders. If this proposal doesnot receive the affirmative vote of the holders of a majority of the sharesentitledtovoteandpresentinpersonorrepresentedbyproxyattheannualmeeting,theBoardmayappointanauditortofillthevacancy.

ProposalsNo.9 ResolutiontoAuthorizetheAuditCommitteetoDetermineDeloitteU.K.’sRemunerationastheCompany’sU.K.StatutoryAuditor

FOR Theremuneration of our U.K. statutory auditor must befixedin a generalmeetingorinsuchmannerasmaybedeterminedinageneralmeeting.WeareaskingourshareholderstoauthorizetheAuditCommitteetodetermineDeloitte U.K.’s remuneration as our U.K. statutory auditor for the yearendingDecember31,2017.

ProposalsNo.10 ResolutiontoapproveanAmendmenttotheIncentivePlan

FOR BasedontherecommendationoftheCompensationCommittee,theBoardbelievesitisinthebestinteresttoamendtheCompany’sincentiveplanto,among other things, replenish shares in the plan in order to continue tohavesufficientsharestomakeannualgrantsundertheplaninthefuture.

ProposalsNo.11 ResolutiontoApproveFormsofShareRepurchaseContractsandRepurchaseCounterparties

FOR UndertheCompaniesAct,wemayonlyrepurchaseourClassAOrdinarySharesinaccordancewithspecificproceduresfor“offmarketpurchases”ofsuch shares. This is because, and solely for the purposes of theCompanies Act, any repurchase of our Class A Ordinary Shares throughthe NYSE constitutes an “off market” transaction. As such, theserepurchases may only be made pursuant to a form of share repurchasecontract which has been approved by our shareholders. In addition, wemust onlyconduct sharerepurchasesthroughcounterparties approvedbyourshareholders.TheCompanyseekstheapprovalfortwoformsofsharerepurchase contract as set forth in Exhibit II and Exhibit III to this proxystatement.

ProposalsNo.12 ResolutiontoAuthorizetheBoardtoAllotEquitySecurities

FOR The ordinary resolution in this proposal is required periodically under theCompaniesActandiscustomaryforpubliclimitedcompaniesincorporatedunder the laws of England and Wales. The Company proposes that ourshareholders authorize our directors to generally and unconditionally,subjecttotheprovisionsofourArticlesandtheCompaniesAct,exerciseallthe powers of the Company to allot shares in the Company and to grantrights to subscribe for, or to convert any security into, shares in theCompany(a)uptoanaggregatenominalamountof$5,281,175,equivalentto approximately 33% of the nominal value of the issued shares in thecapital of the Company (as of March 1, 2017); and (b) up to a furtheraggregate nominal amount of $5,281,175 of equity securities by way of arights issue. Unless previously renewed, revoked or varied, the authorityconferred by this resolution shall apply in substitution for all existingauthoritiesundersection551oftheCompaniesActandexpireattheendofthenextannualgeneralmeetingoftheCompany(or,ifearlier,atthecloseofbusinessonJuly31,2018),savethattheBoardmay,beforesuchexpiry,makeoffersorenterintoagreementswhichwouldormightrequiresharesto be allotted or rights to subscribe for, or to convert any security into,sharestobegrantedaftersuchexpiryandthedirectorsmayallotsharesorgrant such rights in pursuance of any such offer or agreementnotwithstandingthatthepowerconferredbythisresolutionhasexpired.


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Proposals to be Voted Upon

Board Recommendation

Rationale

ProposalsNo.13 ResolutiontoAuthorizetheBoardtoAllotEquitySecuritieswithoutPre-emptiveRights

FOR The special resolution in this proposal is required periodically under theCompaniesActandiscustomaryforpubliclimitedcompaniesincorporatedunderthelawsofEnglandandWales.TheCompanyproposesthat,subjectto thepassingof theresolutionincludedin Proposal 12, our directors begenerally empowered to allot equity securities pursuant to the authorityconferredbyProposal12forcashfreeoftherestrictionsinsection561oftheCompaniesAct. Thisspecial resolutionwouldgivedirectorstheabilitytoraiseadditionalcapitalbysellingClassAOrdinarySharesforcashortoconductarightsissuewithoutfirstofferingthemtoexistingshareholdersinproportiontotheirexistingshareholdings,ineachcase,uptothemaximumamountsspecifiedintheresolution.Unlesspreviouslyrenewed,revokedorvaried,thepowerconferredbythisresolutionshallapplyinsubstitutionforall existingpowersundersection570of theCompaniesAct andexpireattheendofthenextannualgeneralmeetingoftheCompany(or,ifearlier,atthe close of business on July 31, 2018), save that the Company may,before such expiry make offers or enter into agreements which would ormight require equity securities to be allotted after such expiry and thedirectors may allot equity securities in pursuance of any such offer oragreementnotwithstandingthatthepowerconferredbythisresolutionhasexpired.

ProposalsNo.14 ResolutiontoAuthorizetheBoardtoAllotEquitySecuritieswithoutPre-emptiveRightsinconnectionwithanAcquisitionorSpecifiedCapitalInvestment

FOR ThespecialresolutioninthisproposalisinadditiontothespecialresolutioninProposal13andisbeingproposedasaseparateresolutiontoauthorisethedirectorstoallotafurther5%oftheissuedordinarysharecapitalasatMarch1,2017otherwisethaninconnectionwithapre-emptiveofferforthepurposes of an acquisition or a specified capital investment which isannouncedatthesametimeastheallotment,orwhichhastakenplaceinthe preceding six-month period and is disclosed in the announcement ofthatallotment.

Questions and Answers about the Meeting and VotingPleaseseethe“QuestionsandAnswersabout theProxy, MeetingandVoting”beginningonpage76forimportant informationabouttheproxymaterials, theMeetingandvoting.

Board of Directors and Nominees

Independent Board. OurBoardiscomprisedofamajorityofindependentdirectors.

Non-executive Chairman of the Board. SirGrahamHearneservedastheindependent,non-executiveChairmanoftheBoardduring2016.

Independent Board Committees. AllmembersofourAudit,CompensationandNominating&CorporateGovernanceCommitteesareindependentdirectors.


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AtourMeeting,thefollowingnomineeswillbeelected,eachforaone-yearterm.

Nominees

Age Director

Since

Principal Occupation Current

Committees

Independent* Experience/

Skills/QualificationsWilliam E. Albrecht 65 2015 FormerExecutiveChairman

andcurrentnon-ExecutiveChairmanoftheBoard,CaliforniaResourcesCompany

AuditHSE

•Variousexecutivepositionswithextensivemanagerialoversight

•Over37yearsinthedomesticoilandgasindustry

•PetroleumengineerThomas P. Burke 49 2014 CEO&President,Rowan

Companiesplc Executive •CurrentCEO&President

•Extensivemanagerialandindustryexperience

Thomas R. Hix 69 2009 IndependentbusinessconsultantandformerCFO,CameronInternationalCorporation

AuditCompensation(Chair)ExecutiveNCG

•FormerCFO•Financial,managementandM&Aexperience

•Publiccompanydirectorships

Jack B. Moore 63 2016 FormerChairmanoftheBoardandCEO,CameronInternationalCorp.

CompensationHSE

•FormerCEOandChairmanpositions

•Over35yearsinoilfieldserviceandenergyindustry

•Extensivemanagementandleadershipexperienceintheoilfieldservicesandenergyindustries

•PubliccompanydirectorshipsSuzanne P. Nimocks 58 2010 FormerDirector,McKinsey&

Company CompensationHSE(Chair)NCG

•Globalmanagementconsultingandenergysectorexperience

•PubliccompanydirectorshipsThierry Pilenko 59 Nominee FormerChairmanandCEOof

TechnipS.A.;currentExecutiveChairmanofTechnipFMCplc

Tobeappointedafterelection

•FormerCEOandChairmanpositions

•Over30yearsintheoilandenergyindustry

•Extensivemanagementandinternationalexperienceintheenergyindustry

•PubliccompanydirectorshipsJohn J. Quicke 67 2009 FormerManagingDirectorand

OperatingPartner,SteelPartnersLLC;ChairmanoftheenergygroupofSteelPartnersHoldingsL.P.

Audit(Chair)ExecutiveCompensation

•FormerCEO,COOandCPApositions

•Shareholderactivismbackground•Operationalandmanufacturingexperience

•PubliccompanydirectorshipsTore I. Sandvold 69 2013 ExecutiveChairmanof

SandvoldEnergyAS;FormerDirectorGeneral,NorwegianMinistryofIndustry,Oil&EnergyandExecutiveChairman,PetoroAS

AuditHSE

•Energy,regulatorypolicyandinternationalsectorexperience

•Publiccompanydirectorships

Charles L. Szews 60 2016 FormerCEOofOshkoshCorporation

Audit •Extensiveexecutivemanagementexperience,havingservedinCEOandCFOpositions

•Memberofaudit,finance,NGC,andcompensationcommitteesofvariouspubliclytradedcompanies

•Significantexperiencewithcapitalallocation,mergersandacquisitions,supplychainmanagement,andinternationalbusinessmanagement

* AsdeterminedbytheBoard.


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CORPORATE GOVERNANCEGovernance HighlightsThe Company is committed to good corporate governance, which promotes the long-term interests of shareholders, strengthens Board and managementaccountability,andhelpsbuildpublictrustintheCompany.Highlightsinclude:BOARD AND GOVERNANCE PRACTICES

SizeofBoard(a) 9membersAverageAgeofNominees 62yearsAverageTenureofNominees 3.6yearsNumberofIndependentNominees(b) 8outof9IndependentAudit,CompensationandNominating&CorporateGovernanceCommittees YesAnnualElectionofAllDirectors YesMajorityVotingforDirectors YesIndependentNon-ExecutiveChairman YesRegularExecutiveSessionsofIndependentDirectors YesRegularBoard,CommitteeandIndividualDirectorSelf-Evaluations YesEquityGrantstoNon-ExecutiveDirectors YesNumberofBoardMeetingsHeld 7CodeofBusinessConductApplicabletoDirectors YesCorporateComplianceProgram YesPolicyonRelatedPersonTransactions YesBoard-LevelHealth,SafetyandEnvironmentCommittee YesDirectorTermLimits(12years)(c) YesDisclosureCommitteeforFinancialReporting YesAnnualAdvisoryVoteonExecutiveCompensation YesMandatoryVoteonDirectorCompensationPolicyatleasteverythreeyears YesShareholderAbilitytoCallSpecialMeetings(5%Threshold) YesMaterialRestrictionsonRighttoCallSpecialMeetings NoShareOwnershipGuidelines YesAnti-HedgingandAnti-PledgingPolicies YesClawbackProvisions YesShareholderApprovedMaximumCapsonDirectorCompensation(perourU.K.remunerationpolicy) Yes

(a) Messrs.HearneandPeacockwillberetiringfromtheBoardattheendoftheirterms.Assumingallnomineesareelectedbyshareholders,theBoardwillbecomprisedofninemembersaftertheMeeting.

(b) Allnominees,otherthanDr.Burke,havebeendeemedindependentbytheBoardofDirectors.(c) NewdirectortermlimitpolicybeginningJanuary2017.

Corporate Governance ActionsTheBoardrecognizestheimportanceof actinginaccordancewith theCompany’shighprinciplesof corporategovernance. MaintainingandenhancingthesestandardsiscriticaltotheeffectiveoversightoftheCompany’sbusinessandisanimportantelementoffulfillingtheCompany’sdutiestoshareholders.TheBoardproactivelyaddressestheCompany’scorporategovernancepolicies,includingeffectingcorporategovernanceimprovements,recruitingnewtalentforthemanagementteamandtheBoard,andimprovingprocessesandproceduresthroughouttheCompany.Specificexamplesinclude:• EliminationofourclassifiedBoard;eachofourdirectorsiselectedannually; • A thorough, independent Board assessment and succession plan, continuing to review the skills, experience and tenure of each director to ensureappropriatemembership,andactivelyrefreshingtheBoardwiththeappointmentofMr.Sandvoldin2013,Mr.Albrechtin2015,Messrs.MooreandSzewsin2016andMr.Pilenkoin2017;

• AmajorityofindependentBoardmembersandanindependent,non-executiveChairman; • Activecommunicationwithshareholders; • Improvements to Corporate Governance Guidelines, Nominating & Corporate Governance Committee charter and constituent documents to continuouslyimprovecorporategovernance;


• Non-executive Chairman: SirGrahamHearnehasservedastheindependent, non-executiveChairmansinceApril2016andleadindependentdirectorsinceApril2015.

• CEO and President: ThomasP.Burke

TheBoardofDirectors:

• willhave8(outof9)independentdirectorsaftertheannualshareholdersmeeting; • hasabroadrangeofleadership,professionalskillsandexperiencewhich,whentakenasawhole,complementthenatureofourbusinessandsupporttheCompany’slong-termstrategicfocus;

• hadactiveparticipationwitheachdirectorattending100%oftheBoardmeetingsheldduringhis/herserviceontheBoardin2016; • ensuresthattheCompany’sriskmanagementframeworkissufficientgiventherisksrelatedtotheCompany’sbusiness; • regularlyconsidersandaddressesBoardrefreshmentandsuccessionplanning; • hasaccesstoseniormanagementandengagesindependentadvisors; • engagesinacomprehensiveself-evaluationprocess;and • approvesexecutiveanddirectorcompensationarrangementsthataligntheinterestsofexecutivesanddirectorswiththoseofshareholders.

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• Terminationofallremainingexcisetaxgross-upsinchangeofcontrolagreements; • Implementationofnewtwelve-yeartermlimitfordirectorsbeginninginJanuary2017;and • IncorporationintheU.K.,acountrywithastableandwell-developedlegalsystemthatwebelieveencourageshighstandardsofcorporategovernanceandprovidesshareholderswithsubstantialrights.

In addition, prior to our redomestication to the U.K., we eliminated supermajority voting provisions in our charter documents. However, as a U.K. domiciledcompany, wearenowsubject totheU.K.CompaniesAct2006whichhasmandatoryprovisionsrequiring75%shareholderapproval incertaincircumstances(whichcannotbewaivedoramendedbyourshareholders).

Corporate Governance GuidelinesOurBoardhasadoptedCorporateGovernanceGuidelinesthat,alongwiththechartersoftheBoardcommittees,providetheframeworkforthegovernanceoftheCompany.TheBoard’sNominating&CorporateGovernanceCommitteeisresponsibleforoverseeingandreviewingtheCorporateGovernanceGuidelinesatleast annually, and recommending any proposed changes to the Board for approval. The Corporate Governance Guidelines are available on our website atwww.rowan.com undertheheading“OurCompany-GovernanceDocuments.”

Board Leadership Structure

TheCompany’sgovernanceframeworkprovidestheBoardwithflexibilitytoselecttheappropriateleadershipstructurefortheCompany.Inmakingleadershipstructure determinations, theBoard considers many factors, including the specific needs of the business and what is in the best interests of the Company’sshareholders. Upon the retirement of Mr. Ralls in April 2016, Sir Graham Hearne became the independent non-executive Chairman. The current CEOalsoservesasadirectorandtheremainderofdirectorsareindependent.TheBoardbelievesthisstructureprovidesaneffectivebalancebetweenstrongCompanyleadershipandappropriatesafeguardsandoversightbyindependentdirectors.UponSirGraham’sexpectedretirementfromtheBoardattheMeeting,theBoardplanstoappointMr.William(Bill)Albrechttoserveastheindependent,non-executiveChairman.Pleasesee“DirectorEvaluationsandBoardSuccessionPlan”belowforfurtherdiscussionregardingourBoardsuccessionplan.

Executive Sessions of the BoardDuringeachofourBoard’sregularlyscheduledmeetings,thenon-executivedirectorsmeetinexecutivesessionwiththenon-executiveChairmanpresiding.


Majority Independent Board. Alldirectorsandnomineesupforelection,otherthanourCEO,areindependentunderNYSErulesasdeterminedbytheBoardofDirectors.

Independent Board Committees. AllmembersofourAudit,CompensationandNominating&CorporateGovernanceCommitteesareindependentdirectors.

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Director Independence

OurCorporateGovernanceGuidelinesrequirethatasubstantialmajorityoftheBoardconsistofindependentdirectors.Ingeneral,theGuidelinesrequirethatanindependent director must haveno material relationship with the Company, directly or indirectly, except as a director. The Board, through the Nominating &CorporateGovernanceCommittee, determinesdirectorindependence(usuallyinthefirst quarter of eachyear) onthebasisof thestandardsspecifiedbytheNYSE,additionalstandardsreferencedinourCorporateGovernanceGuidelines,andotherfactsandcircumstancestheNominating&CorporateGovernanceCommitteeandBoardconsidersrelevant. Duringthereview,theNominating&CorporateGovernanceCommitteeandBoardconsidertransactions,charitablecontributionsbytheCompanyandrelationshipsbetweeneachdirectororanymemberofhisorherimmediatefamilyandtheCompanyanditssubsidiariesandaffiliates. Basedon that review, the Boarddetermined that all non-executive directors and nominees are independent. The Board also determined that eachmemberandpotentialnomineeoftheAudit,CompensationandNominating&CorporateGovernanceCommitteesisindependent.Transactions considered in independence determinations. In recommending that each non-executive director and nominee be deemed independent, theNominating&CorporateGovernanceCommitteeandBoardnotedthatcertainofourdirectorshaverelationshipswith,serveonboardsofdirectorsof,orownminorinterestsin,entitieswithwhichwemaydobusiness.Forexample:Mr.HixisadirectorofHealthCareServiceCorporation,theparentcompanyofBlueCrossBlueShieldofTexas,theCompany’shealthinsuranceprovider,andadirector of the general partner of Western Gas Partners, LP, a downstream publicly traded partnership controlled by Anadarko Petroleum Corporation, anexplorationandproductioncompanywhichisadrillingcustomer.In1997,Mr.PeacockretiredasapartnerofAndrewsKurthLLP,alawfirmwhichhasprovidedcertainlegalservicestotheCompanyfromtimetotime.SuchengagementofAndrewsKurthwasapprovedbytheBoard.Mr.Peacockdoesnotactivelypracticelaworparticipateintheearningsofthefirmandisnoteligibleforbonusesor other incentive payments fromthe firm. Like other retired partners of the firm, Mr. Peacock retained the title Of Counsel and receivesafixedannualstipendof$100,000.PaymentsmadebytheCompanytoAndrewsKurthin2016wereapproximately$100,000,whichconstitutedlessthan0.1%ofthelawfirm’sgrossrevenues.Inaddition,Mr.Peacock’ssonistheGeneralCounselofthegeneralpartnerofWesternGasPartners,LP,anaffiliateofAnadarkoPetroleumCorporationwhichisoneoftheCompany’scustomers.Mr. Sandvold is a director of Schlumberger Limited, which provides services to the Company in the ordinary course of business. Schlumberger acquiredCameronInternational Corporation, oneof theCompany’sprimaryequipmentandserviceproviders, in2016. Annual paymentsmadebytheCompanytothecombinedentityin2016constitutedlessthan1%oftherecipient’sconsolidatedgrossrevenues.Mr. MooreretiredasChief ExecutiveOfficer of CameronInternationalCorporationinOctober2015andservedasnon-executiveChairmanof theBoarduntilCameron’sacquisitionbySchlumberger.Mr.SzewswasrecommendedtotheCompanybyoneofitslargestshareholders,BlueHarbourGroup,LP.,andwasappointedinaccordancewiththetermsofanominationandsupportagreemententeredintobytheCompanyandBlueHarbourGroup.Mr.SzewsisnototherwiseaffiliatedwithBlueHarbourGroup.TherearenoarrangementsbetweenMr.Szewsandanyotherpersonpursuanttowhichhewasappointedtoserveasadirector,andtherearenotransactionsinwhichtheCompanyisaparticipantinwhichMr.Szewshasamaterialinterest.Mr.PilenkoistheExecutiveChairmanofTechnipFMCwhichfromtimetotimehasprovidedlimitedgoodsandservicestotheCompanyintheordinarycourseofbusiness.Inaddition,fromtimetotime,theCompanymaymakeacharitabledonationinhonorofadirectorortoacharitableentitywithwhichadirectorisaffiliated.AnycontributionsarereviewedandapprovedbytheCompany’sCharitableContributionsCommittee,whichiscomprisedofthreeofficersoftheCompany.During2016,inhonorofMr.Fox’sretirementfromtheBoard,theCompanymadeacharitabledonationof$10,000toanon-profitorganizationofMr.Fox’schoice.Inaddition, in honor of Mr. Peacock’s upcoming retirement in 2017, the Company made a charitable donation of $5,000 to a non-profit organization of Mr.Peacock’schoice.

Role of the Board in Risk OversightEnterprise Risk Management (“ERM”) . EffectiveriskoversightisapriorityoftheBoard.Executivemanagementisresponsiblefortheday-to-daymanagementofCompanyrisksthroughrobustinternalprocessesandeffectiveinternalcontrols,whiletheBoard,asawholeandthroughitscommittees,hasresponsibilityfortheoversightofriskmanagement.Inconnectionwithitsoversightrole,theBoardevaluateswhethertheriskmanagementprocessesdesignedandimplementedby management are integrated with the Company’s corporate strategy, are functioning as designed and that steps are taken to foster a culture in whichemployeesunderstandtheirresponsibilityforactingwithinappropriatelimits,andtheirultimateaccountability.


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TheCompany’sInternalAuditdepartmentfacilitatesanannualERMassessment.TheannualERMassessmentisdesignedtotakeanenterpriseviewofriskandtoidentifypotentialeventsthatmayaffecttheCompany,tomanageriskstobewithintheCompany’sriskprofileandtoprovidereasonableassuranceregardingtheachievementofCompanyobjectives.Eachyear,themanagementteam(includingtheCEO)conductsanin-depthassessmentofpotentialrisksfacingtheCompany.Inthatregard,management:• ReviewsappropriatechangestotheCompany’spoliciesandproceduresregardingriskmanagement; • Identifiesandevaluatestheseverityandlikelihoodofoperational,commercial,strategic,financial,macroeconomicandgeopoliticalrisksfacingtheCompany; • EvaluatestheeffectivenessandadequacyoftheCompany’sriskmanagementactivitiesandwhetherexistingoradditionalmitigationeffortsareappropriate;and

• ReportstotheBoardandrelevantcommitteesonaperiodicbasiswithrespecttoriskmanagement.TheCompany’sannual enterpriseriskassessmenttypicallyoccursduringthefourthquarterof eachyear, followedbymanagement’sreport totheBoardandrelevantcommitteesduringthefirst quarter of thefollowingyear. Management monitorsidentifiedenterpriserisksandmitigationstepsthroughout theyear inmanagementmeetingsandthroughaudits,safetycalls,andanalysisofcapitaldecisions.Inaddition,theBoardandcommitteesplaysignificantrolesincarryingouttheriskoversightfunction.Inparticular:The Board oversees enterprise-wide risks such as those related to the macroeconomic and political climate, strategic decisions, entry into new markets,significantoperatingrisks,customerissues,andsignificantoperatingincidentsordisruptions.TheBoardalsoreviewstheCompany’sinsuranceprogramandisapprisedofmaterialvariationsincoverageorpremiumsinconnectionwitheachannualinsurancerenewal.The Audit Committee oversees risks related to the Company’s financial performance and financial statements, the financial reporting process and internalcontrols, internal and external audit functions, tax andaccounting matters, anti-bribery andcorruption, cybersecurity andinformation technology systemsandotherexposures.Forexample,theAuditCommittee:• Reviewsreports fromthe Company’s independent auditors and Internal Audit and Compliance at each regular quarterly meeting and meets in executivesessionwithrepresentativesasneeded;

• Reviewsandapprovestheannualinternalauditplanandalsoreceivesreportsonallinternalaudits; • ReviewsaquarterlyreportontaxmattersthatmayhaveasignificantimpactontheCompany;and • ReviewstheCompany’srisksandmitigationplansrelatedtocybersecurityandinformationtechnologysystems.TheNominating&CorporateGovernanceCommitteeisactivelyinvolvedinCEOandBoardsuccessionplanning.TheHealth,SafetyandEnvironmentCommitteeoverseestheCompany’smanagementofriskintheareasofhealth,safetyandenvironment.Forexample,theHSECommittee:• Reviewsquarterlyandannualstatisticsregardingsafetyandenvironmentalincidents,includinganin-depthreviewofthemostseriousincidents; • ReviewstheCompany’scrisismanagement,securityandemergencyresponseplansatleastannually; • Reviewsregionalriskstoemployees,assetsandtheCompany’soperations;and • Reviewsanymaterialcomplianceissuesoranymaterialpendingorthreatenedproceedingsregardinghealth,safetyorenvironmentalmatters.Onaquarterlybasisandmorefrequentlyasappropriate,theGeneralCounselreportstotheBoardonlegalmattersthatmayhaveasignificantimpactontheCompany.TheCompensationCommitteeisresponsibleforevaluatingrisksrelatingtotheCompany’scompensationandbenefitplans,andperformsanannualreviewofsuchrisks,typicallyinfirstquarterofeachyear.Inthatregard,theCompensationCommittee:• ApprovesallNEOcompensationtoensuredecisionsaremadebyindependentdirectors; • Engagesindependentcompensationconsultants; • AssessesindividualCEOperformanceonanannualbasisinconnectionwithsettingCEOcompensation; • ManagestheCompany’scompensationprogramstobecompetitivewiththoseof peercompaniesandmonitorstheprogramsagainst trendsinexecutivecompensationandrisksonanannualbasis;

• Evaluatesthemixofshort-termandlong-termcompensationtoappropriatelybalanceincentiveandperformancebasedcompensation; • Establishesrigorousfinancial,operationalandstrategicmetricsfortheCompany’sannualcashbonusprogram; • Approvesannualcashbonusesbasedonauditedfinancialstatementsfortheperformanceyear; • MonitorstheCompany’sclawbackpolicy; • Meets regularly with management to understand the financial, humanresources and shareholder implications and risks of compensation decisions being

made;and • Reviewsmanagement’sannualassessmentofpotentialrisksassociatedwiththeCompany’sincentivecompensationpracticesandpoliciesandsolicitsinputfromtheCommittee’sindependentcompensationconsultantsregardingprogramsandfactorswhichcouldmitigateorencourageexcessiverisktaking;inthefirst quarter of 2017, the Committee determined that risks arising fromsuch programsare not reasonably likely to have a material adverse effect on theCompany.


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Board EvaluationsThe Board, committees and each individual director conduct annual performance evaluations to assess the qualifications, attributes, skills and experiencerepresentedontheBoardandcommitteesandtodeterminewhethertheBoard,itscommitteesanditsindividualmembersarefunctioningeffectivelyandhavekeycompetencies.TheCompanySecretaryoverseestheannualreviewandreportsresultstothecommitteesandfullBoard.

Director Selection Process and Board Succession Planning

TheNominating&CorporateGovernanceCommitteeisresponsibleforBoardsuccessionplanning,refreshment,andidentifyingandevaluatingBoardnomineesandforrecommendingaslateofnomineesforelectionorappointment.WorkingcloselywiththefullBoard,theNominating&CorporateGovernanceCommitteedevelopscriteriafor Boardpositions, takingintoaccountsuchfactorsasit deemsappropriateinlight of theBoard’scurrentcomposition,diversity,committeestructure and effectiveness; each individual member’s skills, qualifications, independence, contributions and retirement plans; and areas of improvement oradditionalskillsetsneeded.Board Refreshment Plan . Beginningin2013,theNominating&CorporateGovernanceCommitteedevelopedamulti-yearsuccessionandrefreshmentplan,withfiveoftheninenomineeshavingbeenappointedtotheBoardinthelastseveralyears: 2013 2014 2015 2016 2017New Directors ToreI.Sandvold ThomasP.Burke WilliamE.Albrecht JackB.MooreCharlesL.

Szews ThierryPilenko

Retirements RobertG.Croyle HenryE.Lentz LordColinMoynihan WilliamT.FoxIIIW.MattRalls

SirGrahamHearneP.DexterPeacock

Inevaluatingpotentialnominees,theNominating&CorporateGovernanceCommitteeconsiders,amongotherthings,acandidate’s:• Judgment,integrity,values,ethics,experience,reputationandunderstandingoftheCompany’sbusinessorotherrelatedindustries;• AbilitytodevotethetimeandeffortnecessarytofulfillhisorherresponsibilitiestotheCompany;• CommitmenttorepresentingtheinterestsofallshareholdersoftheCompany;• Provenrecordofsuccessinhisorherfieldanddemonstratedabilitytoevaluateandanalyzeinnovatively;• PriorBoardandcommitteeexperience;• IndependenceandexpertisequalificationsthatsatisfyapplicableNYSErulesandregulations;• Commitmenttocorporategovernancerequirementsandpractices;• Abilitytogovernandprovideoversight,whilerespectingmanagement’soperatingandbusinessrole;• LengthofserviceontheBoard(ifacurrentdirector);• Appreciationofmultipleculturesanddiversity;• Commitmenttodealingresponsiblywithsocialissues;• Ability to think independently, to ask difficult questions and to work collaboratively and collegially with other members of the Board to contribute to theeffectivefunctioningoftheBoardasawhole;and

• SuchotherfactorstheCommitteedeterminesarerelevantinlightofthecurrentneedsoftheBoard.Based on the criteria described above, the Nominating & Corporate Governance Committee considers candidates for Board membership suggested by itsmembersandotherBoardmembers,aswellasmanagementandshareholders.Fromtimetotime,theCommitteealsoretainsexecutivesearchfirmstoidentifyandreviewcandidates.Once the Nominating & Corporate Governance Committee has identified a prospective nominee (including prospective nominees recommended byshareholders), it makesaninitialdetermination as to whether to conduct a full evaluation. In makingthis determination, the Committee considers informationprovidedwiththerecommendationofthecandidate,informationobtainedthroughinquiriestothirdpartiesandinputfromBoardmembers,asappropriate.The

preliminary determination is based primarily on the need for additional Board members and the likelihood that the candidate can satisfy the criteria that theCommittee


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hasestablished. If theCommitteedetermines that additional consideration is warranted, it maygather additional informationabout theprospective nominee’sbackgroundandexperienceandreportitsfindingstotheBoard.If the Nominating & Corporate GovernanceCommittee decides to proceed with further consideration on the basis of its preliminary review, members of theCommittee,aswellasothermembersoftheBoardasappropriate,interviewthenominee.Aftercompletingthisevaluationandinterview,theCommitteemakesarecommendation to the full Board, and the full Board makes the final determination whether to nominate or appoint the candidate after considering theCommittee’srecommendation.Diversity. The Board does not have a specific diversity policy, but considers diversity of race, ethnicity, gender, age, cultural background and professionalexperienceinevaluatingcandidatesforBoardmembershipbecausetheBoardbelievesthatavarietyofpointsofviewcontributestoamoreeffectivedecision-makingprocess.New Term Limit Policy. UpontherecommendationoftheNominating&CorporateGovernanceCommittee,theBoardapprovedanewdirectortermlimitpolicy.BeginninginJanuary2017,directorshaveamaximumtermlimitof12years.Notwithstandingthetermlimitpolicy,toensurethattheBoardremainscomprisedofactive members able to keep their commitments to Board service, the Nominating & Corporate Governance Committee evaluates the qualifications andperformanceofeachincumbentdirectorbeforerecommendingthenominationofthatdirectorforanadditionalterm.

Shareholder Nominations for DirectorShareholdersofrecord,whoseinterestinshares,individuallyorintheaggregate,representsatleast5%ofourpaid-upsharecapital,maynominatecandidatesforelectionasdirectorsiftheyfollowtheproceduresandcomplywiththedeadlinesspecifiedinourArticles.AcopyofourArticlesisavailabletoanyqualifyingshareholderwhomakesawrittenrequesttotheCompanySecretary.QualifyingshareholdersmaysubmitinwritingrecommendationsforconsiderationbytheNominating&CorporateGovernanceCommitteetotheCompanySecretaryat2800PostOakBlvd.,Suite5450,Houston,Texas77056.RecommendationsshouldcontainadetaileddiscussionofthequalificationsofeachrecommendedcandidateandanyothermaterialinformationtheshareholderwantstheNominating&CorporateGovernanceCommitteetoconsider.Itisexpectedthat,ataminimum,Directornomineeswouldsatisfythestandardssetbythe Nominating & Corporate Governance Committee and meet the criteria of independence and expertise that satisfy applicable NYSE rules and legalregulations.

Shareholder ProposalsShareholderproposalsintendedforinclusioninourproxymaterialsforour2018annualgeneralmeetingofshareholdersmustbesubmittedinaccordancewithRule14a-8undertheSecuritiesExchangeActof1934,asamended(the“ExchangeAct”),andreceivedbyusatourexecutiveofficesnolaterthanthecloseofbusinessonDecember14,2017.SuchproposalsshouldbeaddressedtotheCompanySecretary,2800PostOakBlvd.,Suite5450,Houston,Texas77056.Inaddition, ourArticlesestablishanadvancenoticeprocedureoutsideof Rule14a-8for shareholderswhowishtopresent aproposal or nominationsfor theelectionofdirectorsatanannualgeneralmeeting.AnysuchproposalsornominationsmustbesubmittedinaccordancewiththerequirementsofourArticlesandreceivednoearlierthanthe120thdayandnolaterthanthe90thdaypriortotheanniversaryofthe2017annualgeneralmeetingofshareholders.Asaresult,suchproposalsornominationssubmittedpursuanttotheprovisionsofourArticlesforour2018annualgeneralmeetingmustbereceivednoearlierthanJanuary25,2018andnolaterthanthecloseofbusinessonFebruary24,2018.Intheeventthatthe2018annualgeneralmeetingofshareholderstakesplacemorethan30daysbeforeormorethan70daysaftertheanniversaryofthe2017annualgeneralmeetingofshareholders,thenalternativecut-offdateswillapplyinaccordancewithourArticles.ShareholdersareadvisedtoreviewourArticles,whichcontainfurtherdetailsandadditionalrequirementsaboutadvancenoticeofshareholderproposalsanddirectornominations.

Communication with DirectorsShareholdersandotherinterestedpartiesmaycommunicatewiththeChairman,thechairsoftheAudit,Compensation,andNominating&CorporateGovernanceCommitteesoftheBoard,orwithanyofourotherindependentdirectors,bysendingaletterto:RowanCompaniesplcc/oCompanySecretaryRe:BoardMatters2800PostOakBlvd.,Suite5450Houston,Texas77056


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Shareholder Outreach EffortsCompany officers meet routinely with shareholdersand investors throughout the year to discuss issues and perspectives relating to the Company, includingexecutivecompensationpractices.During2016,managementactivelyengagedwithshareholdersthroughapproximately355one-on-oneandgroupmeetingsandconferencecalls,24analystconferencesand3non-dealinvestorroadshows.Inaddition,variousBoardmembersparticipatedinone-on-onemeetingswithacertainshareholderduring2016.TheBoardandCompensationCommitteealsocarefullyconsidertheresultsfromannualshareholderadvisoryvotes,aswellasothershareholderinput,whenreviewingexecutivecompensationprograms,principlesandpolicies.

Business Conduct PoliciesWehaveaCodeofBusinessConductandEthicsthatappliestoallofouremployeesanddirectorsandwehaveaCodeofEthicsforSeniorFinancialOfficersoftheCompanythatappliestoour CEO,CFOandchief accountingofficer. Bothpoliciesareavailableonour websitewww.rowan.comundertheheading“OurCompany-GovernanceDocuments”.

Related Party Transaction PolicyAll transactions with related parties must be made in compliance with the Sarbanes-Oxley Act of 2002, as amended (“Sarbanes-Oxley”), and our Code ofBusinessConductandEthics.Suchtransactionsmusthavealegitimatebusinesspurpose,andmustbeontermsnolessfavorabletousthancouldbeobtainedfromunrelatedthirdparties.All executive officers, directors, director nominees and certain employees are required to identify, to the best of their knowledge after reasonable inquiry,businessandfinancialaffiliationsinvolvingthemselvesortheirimmediatefamilymembersthatcouldreasonablybeexpectedtogiverisetoareportablerelatedparty transaction. In addition, pursuant to our Code of Business Conduct and Ethics policy, all directors and employees must report any actual or potentialconflictsofinteresttoourCompanySecretaryand/orComplianceOfficer.Basedonthisinformation,wereviewtheCompany’sownrecordsandmakefollow-upinquiriesasmaybenecessarytoidentifypotentiallyreportabletransactions.AreportsummarizingsuchtransactionsandincludingareasonablelevelofdetailisthenprovidedtotheAuditCommitteeforfurtherreview,withconsultationwiththeBoardifwarranted.ThefollowingtransactionwasreviewedandapprovedbytheAuditCommittee.TheAuditCommitteeapprovesorratifiesatransactionifitdeterminesthatthetransactionisconsistentwiththebestinterestsoftheCompany.TheCompanyemploysanindividualwhoisrelatedtooneofourNEOs.SinceOctober2011,Mr.MattG.Keller,whoisthebrotherofMr.MarkA.Keller,ourExecutiveVicePresident–BusinessDevelopment,hasservedasasalesandmarketingdirector.In2016,hereceivedapproximately$200,000inbasesalary,$91,500inbonusandagrantofrestrictedshareunitsvaluedatapproximately$100,000onthegrantdate.

No Hedging or Pledging PolicySection 16insiders, directors andotherdesignatedemployeesareprohibited fromenteringinto anyhedgingtransactionsor pledgingCompanysecurities. Inaddition,Section16insidersmaynotholdCompanysecuritiesinamarginaccount.TheCompanyrequiresthatexecutiveofficersanddirectorsconfirmannuallythattheydonotholdanysharessubjecttoanyhedgingorpledgingarrangements.

Political Contributions PolicyThe Company generally does not use company funds for political contributions. The Company’s Code of Business Conduct and Ethics prohibits the use ofcompanyfundsandassetsforpoliticalcontributions,directlyorindirectly,withoutthepriorwrittenpermissionfromeithertheComplianceOfficerortheGeneralCounsel. Additionally, theCompany’sCharitableContributionspolicyprohibits theCompanyfromcontributing topolitical campaignsorparties. TheCompanyhasnot madeanypolitical contributions in thepast five years but is a memberof variousindustry organizations, suchasInternational Associationof DrillingContractors(IADC)andAmericanPetroleumInstitute(API),whichmayundertakelobbyingeffortsrelatedtoourindustry.


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PROPOSALS 1 (a) - (i) Resolutions Regarding the Election ofDirectorsThe Articles provide that the number of directors shall be determined by the Board. In 2012, our shareholders approved our Articles, which declassified ourdirectors.Beginningin2015,eachnomineenowstandsforre-electionannually.Upon the recommendation of the Nominating & Corporate Governance Committee, the Board has nominated the following candidates to be elected at theMeeting:

a. WilliamE.Albrecht f. SuzanneP.Nimocksb. ThomasP.Burke g. JohnJ.Quickec. ThomasR.Hix h. ToreI.Sandvoldd. JackB.Moore i. CharlesL.Szews*e. ThierryPilenko*

* Messrs. Pilenko and Szews are being nominated for election by shareholders for this first time at this Meeting. Mr.PilenkowasnominatedforelectiontotheBoardin2017;Mr.SzewswasappointedasadirectorinAugust2016.

Eachdirectorelectedwillholdofficeuntilthe2018annualgeneralmeetingandeachdirectorwillcontinueinofficeuntiltheelectionandqualificationofhisorherrespectivesuccessor,oruntilhisorherearlierdeath,retirement,resignationorremoval.Allnomineeshaveconsentedtoserveasdirectors.OurBoardhasnoreasontobelievethatanyofthenomineeswillbeunabletoactasadirector.Informationwithrespecttothenomineesfordirectorsissetforthbelow.Vote Required

Theelectionofeachofthenomineeswillbedecidedbyordinaryresolution,whichmeansthatthenomineewillbeelectedifasimplemajorityofthevotescastarecastinfavorofthenominee’selection,assumingaquorumispresent.Recommendation of the Board

The Board and the Nominating & Corporate Governance Committee recommend that the shareholders vote FOR each of the ordinaryresolutions to elect the director nominees at the Meeting.Nominees for ElectionOurBoardiscomprisedofhighlyqualifiedindividualswithuniqueandspecialskillsthatwebelieveassistineffectivemanagementoftheCompanyforthebenefitof our shareholders. Each of our nominees possesses certain experience, qualifications, attributes and skills, as further described below, that led to ourconclusionthatheorshewillbeavaluableamemberofourBoard.William E. AlbrechtAge 65 Director since 2015 Independent DirectorPrincipal Occupation: Currentnon-ExecutiveChairmanoftheBoardofCaliforniaResourcesCorporation,apubliclytradedoilandnaturalgasexplorationandproductioncompanyBusiness Experience, Specific Qualifications and Skills:• Over37yearsinthedomesticoilandgasindustry• ExecutiveChairmanofCaliforniaResourcesCorporationfromJuly2014toMay2016;Non-ExecutiveChairmansinceMay2016• VicePresidentofOccidentalPetroleumCorporationfromMay2008toJuly2014,PresidentofOxyOil&Gas,AmericasfromJanuary2012toJuly2014,andPresidentofOxyOil&Gas,USAfromApril2008toJanuary2012,withextensivemanagerialoversightoverupstreamassets

• ExecutiveofficerofEOGResources,adomesticenergyproducer,foreightyears,includingVicePresidentofacquisitionsandengineering• PetroleumengineerforTennecoOilCompanyfortenyears• FormerChairmanoftheBoardofTrusteesofSpindletopCharitiesInternational• FormerCaptainintheU.S.army• CredentialedbytheNationalAssociationofCorporateDirectorsasaBoardLeadershipFellow

Current Public Company Directorships:• CaliforniaResourcesCorporation• HalliburtonCompany


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Thomas P. BurkeAge 49 Director since 2014Principal Occupation: CurrentChiefExecutiveOfficerandPresidentBusiness Experience, Specific Qualifications and Skills:• CEOoftheCompanysinceApril2014,andPresidentsinceMarch2013• Industry experience serving as Chief Operating Officer of the Company from July 2011 to March 2013, and CEO and President of LeTourneauTechnologies,Inc.,asubsidiaryoftheCompany,fromDecember2009toJune2011

• Division President from 2006 to 2009 and Vice President of Corporate Development from 2004 to 2006 of Complete Production Services, anoilfieldservicescompany

• MembershipinInternationalAssociationofDrillingContractors(IADC)–Chairmanfor2016,andAmericanPetroleumInstitute(API)–BoardofDirectorsCurrent Public Company Directorships: NoneThomas R. HixAge 69 Director since 2009 Independent DirectorPrincipal Occupation: IndependentbusinessconsultantsinceJanuary2003Business Experience, Specific Qualifications and Skills:• FormerSeniorVicePresidentofFinanceandCFOofCameronInternational Corporation,anoil andgasproductsandservicescompany,from1995to2003withextensivefinancialandmergersandacquisitionsexperience

• Boardmemberofapublicexplorationandproductioncompanyandpublicboardservicefor15years• Significantexperienceasamemberofcompensation,financeandauditcommitteesofpubliclytradedcompanies• Significantmanagementexperienceinoffshorecontractdrilling• FormerCertifiedPublicAccountant(CPA)• Director of Health Care Service Corporation (the parent company of Blue Cross and Blue Shield, the Company’s health insurance provider),FinanceCommitteeChairman

Current Public Company Directorships:• WesternGasEquityPartnersLP(anaffiliateofAnadarkoPetroleum)• EPEnergyCorp.

Prior Public Company Directorships:• TODCO• ElPasoCorporation


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Jack B. MooreAge 63 Director since 2016 Independent DirectorPrincipal Occupation: RetiredPresident and Chief Executive Officer of Cameron International Corp. fromApril 2008 to October 2015 and Chairman of theBoardfromMay2011untilApril2016,whenSchlumbergeracquiredCameron.Business Experience, Specific Qualifications and Skills:

• Extensiveoperating, management andleadershipexperienceasVicePresident andGeneral Manager,WesternHemisphereof Cameron’s DrillingandProduction Systems group from July 1999 to July 2002, President of the group from July 2002 to January 2007, and Cameron’s President and ChiefOperatingOfficerfromJanuary2007toApril2008

• PriortoCameron,servedinvariousmanagementpositionswithBakerHughesIncorporatedfor23years• ChairmanoftheCompensationCommitteeandmemberoftheNominatingandCorporateGovernanceCommitteeofKBR,Inc.• Priorauditcommitteeserviceforapubliclytradedcompany• Over35yearsofexperienceintheenergyandoilfieldservicesindustry• BoardofDirectorsoftheAmericanPetroleumInstitute(API)• Variousleadershiprolesintheenergybusinesscommunity

Current Public Company Directorships:

• KBR,Inc.• OccidentalPetroleumCorporation• ProPetroHoldingCorp.

Prior Public Company Directorships:

• CameronInternationalCorpSuzanne P. NimocksAge 58 Director since 2010 Independent DirectorPrincipal Occupation: FormerDirector(SeniorPartner)ofMcKinsey&Company,aglobalmanagementconsultingfirm,fromJune1999toMarch2010Business Experience, Specific Qualifications and Skills:

• McKinseymanagementconsultantforover20years,since1989,includingleaderofthefirm’sGlobalPetroleumPractice,ElectricPower&NaturalGasPractice,OrganizationPractice,RiskManagementPracticeandStrategyPractice

• Memberofthefirm’sworldwidepersonnelcommitteesformanyyears• Manager of the Houston office for eight years including significant management expertise gained from managing a large office of an internationalconsultingfirm

• Service on compensation, audit and corporate governance committees of publicly traded companies, including as chairperson of a compensationcommitteeandafinancecommittee


• ArcelorMittal• EncanaCorporation• OwensCorning


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Thierry Pilenko*Age 59 Nominee 2017Principal Occupation: FormerChairmanandChiefExecutiveOfficerofTechnipS.A.,aleadingproviderofprojectmanagement,engineering,andconstructionservicesfor theenergy industry, fromApril 2007to January 17, 2017, whenFMCTechnologies, Inc. consummatedits merger with Technip S.A.andcurrentExecutiveChairmanofTechnipFMCplcBusiness Experience, Specific Qualifications and Skills:

• ChairmanandChiefExecutiveOfficer,VeritasDGC,Inc.,aseismicservicescompany,fromMarch2004toJanuary2007• ManagingDirector,SchlumbergerSema,aSchlumbergerLtd.companyinParis,from2001toMarch2004• President,SchlumbergerGeoQuestfrom1998to2001• ExtensivemanagementrolesandoperatingexperienceatSchlumbergerbeginningin1984,includinginternationalpositionsinEurope,Africa,theMiddleEastandAsia

• Over30yearsofexperienceintheoilandenergyindustry,includingCEOleadershippositions• Significantinternationaloilandenergypolicyexpertise• Serviceonboardsandcommitteesofpubliclytradedcompanies


• TechnipFMCplcPrior Public Company Directorships:

• HerculesOffshore,Inc.• CGGVeritas(formerlyVeritasDGC)• PeugeotSA

John J. QuickeAge 67 Director since 2009 Independent DirectorPrincipal Occupation: RetiredasManagingDirectorandanoperatingpartnerofSteelPartnersLLC,aglobalmanagementfirm,asofDecember31,2015(apositionheldsince2005);ChairmanoftheenergygroupofSteelPartnersHoldingsL.P.sinceJanuary2016Business Experience, Specific Qualifications and Skills:

• PreviouslyservedasPresident,CEOandadirectorofDGTHoldingsCorp.fromSeptember2009toOctober2012• ServedinvariouscapacitiesatSequaCorporation,adiversifiedmanufacturer,includingViceChairmanandExecutiveOfficer(2004-2005),PresidentandCOO(1993-2004),andasadirectorofthecompany

• ServedasPresidentandCEOoftheenergygroupofSteelExcel,Inc.fromMarch2013toDecember2015• ServedasVicePresidentofHandy&HarmanLtdfrom2005to2015• Boardserviceontenpubliccompaniesover23years• Significantoperatingexperienceforover25years• Financialandaccountingexpertise,includingasaCPA• AppointedtoBoardin2009torepresentactivistshareholder,SteelPartnersLLC


• AviatNetworkSystems,Inc.Prior Public Company Directorships:

• JPSIndustries,Inc.• DGTHoldingsCorp.• AngelicaCorporation• LayneChristensenCompany• Handy&HarmanLtd.• NOVTCorporation• SequaCorporation• SteelExcel,Inc.


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Tore I. SandvoldAge 69 Director since 2013 Independent DirectorPrincipal Occupation: ExecutiveChairmanofSandvoldEnergyAS,anadvisorycompanyintheenergybusiness,sinceSeptember2002Business Experience, Specific Qualifications and Skills:• ExecutiveChairmanofPetoroAS,theNorwegianstate-ownedoilcompanyfrom2001to2002• DirectorGeneraloftheNorwegianMinistryofOil&Energy,withoverallresponsibilityforNorway’snationalandinternationaloilandgaspolicy,from1990to2001

• CounselorforEnergyintheNorwegianEmbassyinWashington,D.C.from1987to1990• NorwegianMinistryofIndustry,Oil&Energyinavarietyofpositionsintheareasofdomesticandinternationalenergypolicyfrom1987to1990• BoardmemberofLambertEnergyAdvisoryLtd.,EnergyPolicyFoundationofNorwayandNjordGasInfrastructure• Over30yearsofexperienceintheoilandenergyindustry• Significantinternationaloilandenergypolicyexpertise• Serviceonboardsandcommitteesofbothprivateandpubliclytradedcompanies

Current Public Company Directorships:• SchlumbergerLimited• TeekayCorporation

Prior Public Company Directorships:• FormerChairmanandCEOofMisenEnergyAB

Charles L. Szews*Age 60 Director since August 2016 Independent DirectorPrincipal Occupation: ChiefExecutiveOfficerofOshkoshCorporationfromJanuary2011untilretirementinDecember2015Business Experience, Specific Qualifications and Skills:• VariousexecutivemanagementpositionsofOshkoshCorporation,includingPresidentandCEOfrom2011to2012,PresidentandChiefOperatingOfficerfrom2007to2011andExecutiveVicePresidentandChiefFinancialOfficerfrom1997to2007

• Significantexperienceasamemberofaudit,finance,compensationandnominatingandcorporategovernancecommitteesofpubliclytradedcompanies,includingasafinancialexpert

• PriortoOshkosh,variousexecutivepositionswithFortHowardCorporationforeightyears• FormerauditorwithErnst&Young• FormerCertifiedPublicAccountant(CPA)• Significantexperiencewithcapitalallocation,mergersandacquisitions,Lean,newproductdevelopment,supplychainmanagementandinternationalsalesandbusinessmanagement

Current Public Company Directorships:• CommercialMetalsCompany• Group1Automotive,Inc.

Prior Public Company Directorships:• OshkoshCorporation• GardnerDenverInc.

DirectorsRetiringandNotStandingforRe-ElectionSirGrahamHearnewillberetiringasChairmanoftheBoardandMr.Peacockwillberetiringasdirectorattheendoftheirtermsandwillnotbestandingforre-election.TheBoardwishestorecorditsappreciationforSirGrahamHearne’sandMr.Peacock’sdedication,commercialinsightandwisecounselduringtheirvaluedservicetotheCompany.


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BOARD OF DIRECTORS INFORMATIONBoardTheBoard held seven meetings in 2016 (four in-person quarterly meetings andthree telephonic meetings). All of our incumbent directors attendedall of themeetingsoftheBoardandcommitteesuponwhichtheyservedduring2016.Absentexceptionalcircumstances,directorsareexpectedtoattendannual general meetingsof shareholders. All of ourcurrent directorsattendedourannualgeneralmeetingofshareholdersin2016.

CommitteesTheBoardhasthefollowingcommittees:• Audit • Compensation • Health,SafetyandEnvironment • Nominating&CorporateGovernance • ExecutiveOnlynon-executive,independentdirectorsmayserveontheAudit,Compensation,andNominating&CorporateGovernanceCommittees.Written Charters. Eachcommittee,otherthantheExecutiveCommittee,hasawrittencharter.Thechartersarepostedonourwebsite,www.rowan.comundertheheading“OurCompany-GovernanceDocuments,”andavailableinprinttoanyshareholderwhorequestsacopyfromtheCompanySecretary.Current Committee Composition. The current members of each committee and the number of meetings are shown in the following table. Committeeassignmentsfor2017willbemadeaftertheelectionofdirectorsattheMeeting.

Audit Committee

Compensation Committee

Health, Safety &

Environment Committee

Nominating & Corporate

Governance Committee

Executive Committee

WilliamE.Albrecht ThomasP.Burke SirGrahamHearne(a) Chair ChairThomasR.Hix Chair JackB.Moore(b) SuzanneP.Nimocks Chair P.DexterPeacock(a) JohnJ.Quicke Chair ToreI.Sandvold CharlesL.Szews(c) Number of Meetings in 2016 5 5 4 6 0

DeemedAuditCommitteefinancialexpertsbytheBoard.

(a) SirGrahamHearneandMr.PeacockwillberetiringfromtheBoardin2017attheendoftheirterms.(b) Mr.MoorewaselectedadirectorandamemberoftheapplicablecommitteesinApril2016.(c) Mr.SzewswasappointedadirectorinAugust2016andamemberoftheAuditCommitteeinOctober2016.

Mr.PilenkowillbeappointedtocommitteesuponhiselectiontotheBoard.TheNominatingandCorporateGovernanceCommitteeevaluatescommitteemembershipannually,andtypicallymakeschanges,ifany,atthesecondquartermeeting.NewdirectorsareappointedtocommitteeswhentheyjointheBoard,basedonexperience,qualificationsandcommitteecomposition.


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Audit CommitteeMembers. Messrs.Quicke(Chair),Albrecht,HixandSandvoldservedontheAuditCommitteeduringallof2016.UponMr.Fox’sretirementinApril2016,theBoardappointedMr.QuickeasChairmanoftheAuditCommittee.TheBoardappointedMr.SzewstotheAuditCommitteeinOctober2016.Primary Responsibilities. TheAuditCommitteeisdirectlyresponsiblefortheengagement,compensationandoversightofboththeU.S.independentregisteredpublicaccountingfirmengagedtoissueanauditreportonourconsolidatedfinancialstatementsandtheindependentU.K.auditor firmengagedtoactasourU.K.statutoryauditor.Inaddition,theAuditCommitteeoverseesourfinancialandaccountingprocesses,certaincompliancematters,performanceofourinternalauditfunctionandourenterpriseriskmanagementassessment.Independence and Financial Qualifications. TheBoardhasdeterminedthatallofthemembersoftheAuditCommitteeareindependentwithinthemeaningofthe U.S. Securities and Exchange Commission (“SEC”) regulations and the NYSErules, and are financially literate and have accounting or relatedfinancialmanagementexpertiseassuchqualificationsareinterpretedbytheBoardinitsbusinessjudgment.TheBoardhasdeterminedthateachofMessrs.Quicke,Hix,andSzewsarequalifiedasauditcommitteefinancialexpertswithinthemeaningofSECregulations.

Compensation CommitteeMembers. Mr. Hix (Chair), Sir Graham Hearne, Ms. Nimocks and Mr. Quicke served on the Compensation Committee during all of 2016. Mr. Moore wasappointedtotheCompensationCommitteeuponhiselectiontotheBoardinApril2016.Primary Responsibilities. TheCompensationCommitteeisresponsiblefor,amongotherthings:• ReviewingandapprovingevaluationcriteriarelevanttoCEOcompensation;• EvaluatingtheCEO’sperformanceinlightofcorporategoalsandevaluationcriteriainordertomakeacompensationrecommendationtothefullBoard;and• DeterminingCEOandNEOcompensation.Inaddition,theCompensationCommitteeadvisesondirectorcompensation, administerstheCompany’sincentiveandequity-basedcompensationplans,andperforms the duties outlined under those plans, including making grants and awards. The Compensation Committee also reviews the Company’s incentivecompensationarrangements to determinewhether theyencourageexcessiverisk-taking, reviewsat least annually therelationshipbetweenriskmanagementpoliciesandpracticesandcompensation,andevaluatedcompensationpoliciesandpracticesthatcouldmitigateanysuchrisk.Pursuant to its charter, theCompensation Committee has sole authority to retain and terminate any compensation consultant, outside counsel or any otheradvisorsengagedtoassistintheevaluationofcompensationofdirectorsorexecutiveofficers,includingsoleauthoritytoapprovetheconsultant’sfeesanditsterms.TheCompensationCommitteewillconsiderappropriatestandardsinselectingitscompensationconsultantsconsistentwithNYSErules,SECrulesandrequirementsundertheDodd-FrankAct.Additional information on the roles and responsibilities of the Compensation Committee is provided in the CompensationCommittee’s charter and under theheading“CompensationDiscussionandAnalysis”below.Independence. TheBoardhasdeterminedthatallofthemembersoftheCompensationCommitteeareindependentwithinthemeaningoftheNYSErules.

Health, Safety & Environment CommitteeMembers. Ms.Nimocks(Chair)andMessrs. Albrecht, PeacockandSandvoldservedontheHealth, Safety&EnvironmentCommitteeduringall of 2016.Mr.MoorewasappointedtotheHealth,Safety&EnvironmentCommitteeuponhiselectiontotheBoardinApril2016.Primary Responsibilities. TheHealth,Safety&EnvironmentCommitteereviewsourperformanceandpolicieswithrespecttohealth,safetyandenvironmentalmattersandmakesrecommendationstotheBoardregardingsuchmatters.

Nominating & Corporate Governance CommitteeMembers. Sir GrahamHearne (Chair) and Mr. Peacock served on the Nominating & Corporate Governance Committee during all of 2016. Mr. Hix and Ms.NimockswereappointedtotheNominating&CorporateGovernanceCommitteeinApril2016,upontheretirementofMr.Fox.Primary Responsibilities. TheNominating&CorporateGovernanceCommitteeisresponsiblefordevelopingandimplementingpoliciesandpracticesrelatingtocorporategovernance,includingreviewingandmonitoringimplementationofourGuidelines.Inaddition,theNominating&CorporateGovernanceCommitteeassiststheBoardindevelopingcriteriaforopenBoardpositions,reviewsbackgroundinformationonpotentialcandidatesandmakesrecommendationstotheBoardregardingsuchcandidates.TheNominating&CorporateGovernanceCommitteealsosupervisestheBoard’sannualreviewofdirectorindependenceandtheBoard’sannualself-evaluation,makesrecommendationstotheBoardwithrespecttocommitteeassignmentsandoverseestheBoard’sdirectoreducationpractices.Independence. TheBoardhasdeterminedthatallofthemembersoftheNominating&CorporateGovernanceCommitteeareindependentwithinthemeaningoftheNYSErules.

Executive CommitteeMembers. Sir Graham Hearne (Chair), Dr. Burke, and Mr. Hix served on the Executive Committee during all of 2016. Sir Graham Hearne was appointedChairmanoftheCommitteeupontheretirementofMr.RallsinApril2016,andMr.QuickewasappointedtotheCommitteeupontheretirementofMr.FoxinApril2016.

Primary Responsibilities. TheExecutive Committee is authorized to act for the full Board on matters other than those specifically reserved under the U.K.CompaniesAct2006totheBoard.Inpractice,theCommitteemeetsonlywhenitisimpracticaltocallameetingofthefullBoard.


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NON-EXECUTIVE DIRECTOR COMPENSATION

No Director Pay Increases since 2012. Inlightofindustryconditions, theBoardhasnotincreasedannualBoardorCommitteeretainerfeesorannualequityawardgrantdatevaluessince2012.

Decrease in Retainers. InJuly2016, toshowsupportformanagement’svoluntarydecreaseinbasesalary,theBoardimplementeda10%reductioninretainerfees.

Non-executivedirectorcompensationelementsaredesignedto:• Ensurealignmentwithlong-termshareholderinterests; • EnsuretheCompanycanattractandretainoutstandingdirectorcandidates; • RecognizethesubstantialtimecommitmentsnecessarytooverseetheaffairsoftheCompany;and • Supporttheindependenceofthoughtandactionexpectedofdirectors.Non-executivedirectorcompensationlevelsarereviewedbytheCompensationCommitteeeachyear,andresultingrecommendationsarepresentedtothefullBoardforapproval.TheCommitteeusesindependentconsultants,FredericW.Cook&Co.,Inc.(“FWCook”)andFITRemunerationConsultantsLLP(“FIT”),aU.K. compensation consultant, to provide information on current developments and practices in director compensation. FW Cook and FIT are the sameconsultantsretainedbytheCompensationCommitteetoadviseonexecutivecompensation,buttheyperformnootherworkfortheCompany.Non-executivedirectorsreceive:• annualcashretainers, • anannualequityawardand • reimbursementofreasonableexpensesincurredtoattendBoardmeetingsorotherfunctionsrelatingtotheirresponsibilitiesasadirectoroftheCompany.Reduction in 2016 Retainers. Annual cash retainers for non-executive directors in 2016 are set forth in the table below. In early 2016, the CompensationCommittee evaluated non-executive director compensation compared to peer group data and industry practice. Based on the recommendation by theCompensationCommittee,theBoarddidnotapproveanyannualincreasestoBoardretainersorannualequityvaluegrantedtonon-executivedirectorsatthattime.Assuch,therehavebeennoincreasestoannualBoardandcommitteeretainersandannualequityawardvaluessince2012.Effective July 1, 2016, in light of the sustained decline in market conditions in the offshore drilling industry, the Company’s ongoing cost controlefforts, and to show good faith with the Company’s management, shareholders and employees, the Board elected to voluntarily implement a 10%reduction in the Board service retainers. TheBoardwillevaluatechanges,ifany,inannualcashretainersorannualequityawardstonon-executivedirectorslaterin2017. 2015 2016 (a)

Annualretainer $ 80,000 $ 72,000Additionalretainers: Chairman $ 150,000 $ 135,000HSEandNCGCommitteeChairs $ 10,000 $ 9,000AuditandCompensationCommitteeChairs $ 15,000 $ 13,500(a) Reflectsa10%decreaseeffectiveJuly2016.Directorsdonotreceiveadditionalmeetingfees.A significant portion of non-executive director compensation is paid in annual equity awards to align director compensation with the long-term interests ofshareholders.In2016,theannualequitygrantfornon-executivedirectorswasapproximately$200,000(basedongrantdatevalue).Beginningin2016,annualequityawardswere,attheelectionofeachdirector,eithernon-deferred(intheformofrestrictedsharesawardsor“RSAs”)ordeferred(intheformofrestrictedshareunitsor“RSUs”).Theeconomicvalueandvestingscheduleofeachtypeofawardisthesame,butRSAsaresettledinsharesuponvesting(asopposedtoRSUs,whichsettleincashorsharesatthediscretionoftheCompensationCommitteeupondeparturefromtheBoard)anddividendswithrespecttoRSAsarepayableincashuponvesting(asopposedtoRSUs,whichreceiveadditionalRSUsinlieuofdividends).RSAsandRSUsheldbynon-executivedirectorsvest infull ontheearlier of thedateof theannual general meetingsubsequent tothegrant dateorthefirstanniversarydateofthegrant.TheBoardnolongermakesinitialsign-onequitygrantstonewnon-executivedirectorsuponjoiningtheBoard.Instead,newnon-executivedirectorsreceiveapro-ratedannualequitygrant.SharesissuedinsettlementofRSAsaresubjecttotheCompany’sshareownershiprequirements.AllRSUsgrantedtodateprovidethatdirectorsarerequiredtoholdthemuntiltheirdeparturefromtheBoard.As a result of being a U.K. company, non-U.K. resident directors are required to file tax returns in the U.K. in addition to their home country. As with ouremployeeswhoworkoutsideoftheirhomecountry,theCompanyoffersU.K.taxreturnpreparationservicestothenon-U.K.residentdirectors.FeespaidbytheCompanyfortheseservicesareapproximately$1,500foreachdirectorwhochoosestousesuchservices.Non-executivedirectorsarenotentitledtoadditionalpaymentsorbenefitsasaresultofleavingtheBoardordeath.Thenon-executivedirectorsarenotentitledtoanypaymentsorbenefitsresultingfromachangeincontroloftheCompany.W.MattRallsretiredfromhispositionasourExecutiveChairmaninApril2016.Mr.Rallswasanexecutiveofficer,otherthananamedexecutiveofficer,whodidnotreceiveanyadditionalcompensationforservicesprovidedasadirectorand,accordingly,isnotincludedinthetable.

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2016 Non-Executive Director Compensation Grant Date Value of Grant Date Additional RSUs Value of Annual in lieu of Cash Fees Earned Equity Awards Dividends TotalName ($) (a) ($) (b)(c)(d) ($) (c) ($)WilliamE.Albrecht 76,000 199,989 — 275,989WilliamT.FoxIII(e) 31,667 — — 31,667SirGrahamHearne 184,667 199,989 — 384,656ThomasR.Hix 90,250 199,989 — 290,239JackB.Moore 50,194 199,989 — 250,183SuzanneP.Nimocks 85,500 199,989 — 285,489P.DexterPeacock 76,000 199,989 — 275,989JohnJ.Quicke 85,250 199,989 — 285,239ToreI.Sandvold 76,000 199,989 — 275,989CharlesL.Szews(f) 25,898 116,662 — 142,560

(a) ReflectsretainersearnedwithrespecttoBoardservicein2016.(b) Onthedateofour2016annualgeneralmeetingofshareholders,eachnon-executivedirectorreceivedanannualequitygrantundertheCompany’sincentiveplanequal

ingrantdatevaluetoapproximately$200,000.ThevaluereportedreflectstheaggregategrantdatefairvaluerelatedtotheawardsbaseduponthenumberofRSAsorRSUs,asapplicable,grantedandthegrantdatefairmarketvalueof$18.60persharecalculatedinaccordancewithASC718.WeaccountforRSUsgrantedtonon-employeedirectorsasaliability awardunderASC718.Weaccount forRSAs,whichrequiresharesettlement, underASC718asequityawards. Adiscussionoftheassumptions used in calculating the grant date fair value is set forth in Note 9 of the Notes to Consolidated Financial Statements included in our Form10-K. As ofDecember31,2016,theaggregatenumberofRSUsandRSAs,includingRSUsissuedinlieuofcashdividends,heldbyeachnon-executivedirectorwasasfollows:

Number of RSAs Number of RSUsName Held HeldAlbrecht 10,755 5,374Fox(e) — —Hearne 10,755 51,317Hix 10,755 40,993Moore — 10,755Nimocks — 43,768Peacock — 62,072Quicke 10,755 40,993Sandvold 10,755 22,549Szews(f) — 8,838

(c) PursuanttothetermsoftheRSUawardnotices,non-executivedirectorsareentitledtoreceiveadditionalRSUsinlieuofcashdividends.However,nodividendsweredeclaredduring2016.

(d) Wehavenotissuedshareoptionstonon-executivedirectorssince2004andtherearenooutstandingoptionsheldbynon-executivedirectorsasofDecember31,2016.(e) Mr. Fox retired from the Board in April 2016 and did not receive an annual equity grant in 2016. Vested RSUs previously earned for service were settled as of his

retirement date. At thediscretionof theCompensationCommittee, Mr. Fox’sRSUsweresettledin27,293sharesandtheremainderincash, for anaggregatedollarvalueofapproximately$1,015,027basedonthefairmarketvaluepershareof$18.60onthesettlementdate.

(f) Mr.SzewswasappointedtotheBoardinAugust2016andreceivedaproratedannualgrantofRSUsatagrantdatefairmarketvalueof$13.20.Executive Director Compensation. In2016,theBoardapprovedacompensationpackageforDr.BurkeasCEO.Dr.BurkeisanemployeeoftheCompanyanddoesnotreceiveanyadditionalcompensationforservingasadirector.


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SECURITY OWNERSHIP OF MANAGEMENT AND CERTAINBENEFICIAL OWNERSThefollowingtableshowsthebeneficialownershipofoutstandingsharesasofMarch15,2017forthefollowingpersons: • Eachdirectorornominee; • OurNEOs;and • Allofourdirectors,directornomineesandexecutiveofficersasagroup.AsofMarch15,2017,noneofthesharesshownbelowwerepledged.Unlessotherwiseindicated,eachindividualhassolevotinganddispositivepowerwithrespecttothesharesshownbelow.Noneoftheofficersordirectorsownsonepercentormoreofourshares.

Aggregate Restricted Beneficial Percent of Shares (a) RSUs (b) Shares Options/SARs (c) Ownership Class (d)

Directors (including nominees): WilliamE.Albrecht 10,755 5,374 — — 16,129 *ThomasP.Burke(NEO) 4,940 154,367 — 159,307 *SirGrahamHearne 10,755 51,317 7,185 — 69,257 *ThomasR.Hix 10,755 40,993 5,000 — 56,748 *JackB.Moore 10,755 — — 10,755 *SuzanneP.Nimocks 43,768 1,200 — 44,968 *ThierryPilenko — — 1,000 — 1,000 *P.DexterPeacock 62,072 10,505 — 72,577 *JohnJ.Quicke 10,755 40,993 2,000 — 53,748 *ToreI.Sandvold 10,755 22,549 5,000 — 38,304 *CharlesL.Szews 8,838 — — 8,838 *

Other NEOs: StephenM.Butz — — 28,898 — 28,898 *T.FredBrooks — — 51,974 — 51,974 *MarkA.Keller — 57,087 236,962 — 294,049 *MelanieM.Trent — — 53,530 — 53,530 *All Directors, Nominees andExecutive Officers, including NEOs,as a group (17 persons) 53,775 353,037 560,802 — 967,614 *

* Ownershipoflessthanonepercentofthesharesissuedandoutstanding.(a) AsofMarch15,2017,allrestrictedshareawardspreviouslygrantedtoexecutiveofficershadvested.RSAspreviouslygrantedtonon-executivedirectorsvestonApril

28,2017.(b) Includes(i)inthecaseofnon-executivedirectors,RSUsthatarevestedorwillvestonorbeforeMay14,2017and,inthecaseofemployees(suchasMr.Keller),RSUs

thatarenolongeratriskofforfeitureduetotheCompany’sretirementpolicyand(ii)RSUsthatwillvestbetweenMarch15,2017andMay14,2017.RSUsgrantedtonon-executivedirectorsin2016andpriorvestannuallybutarenotsettled(incashorshares)untilterminationofservicefromtheBoard.Forexecutiveofficers,RSUsaregranted annually and generally vest and are settled in shares in one-third increments annually. Unlike restricted shares, RSUsdo not carry voting rights prior to theissuanceofsharesuponsettlement.

(c) Includessharesthat couldbeacquiredthroughMay14, 2017bytheexerciseof shareoptionsor shareappreciationrights (“SARs”). Thenumberof sharesissuableunderSARsisbasedonthefairmarketvaluepershareonMarch15,2017of$15.55,butexcludesSARSforwhichtheexercisepriceisabovethatprice.Alloutstandingoptionsarefullyvested,otherthanoptionsgrantedtoDr.BurkeinFebruary2017whichcliffvestfouryearsfromthegrantdateandarethereforenotincludedinthistable.

(d) Basedupon126,135,187issuedandoutstandingsharesonMarch15,2017,whichexcludes1,893,305sharesheldbyanaffiliatedemployeebenefittrust.Forpurposesofcomputingthepercentageofsharesheldbythepersonsabove,includesoutstandingRSAs,RSUs,optionsandSARsforthatpersonandanygroupofwhichthatpersonisamemberthatvestorotherwisecouldbeacquiredbysuchpersonthroughMay14,2017,butarenotdeemedoutstandingforthepurposeofcomputingthepercentageofbeneficialownershipforanyotherperson.


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5%BeneficialOwners.AsofMarch15,2017,theCompanydidnotknowofanypersonwhobeneficiallyownedinexcessof5%ofouroutstandingshares,exceptassetforthinthetablebelow:5% Beneficial Owner Shares Beneficially Owned Percent of ClassAJO,LP(a)

230S.BroadStreet,20thFloorPhiladelphia,PA19102

9,756,334

7.7%

BlackRock,Inc.(b)

55East52ndStreetNewYork,NY10055

10,333,082

8.2%

BlueHarbourGroup,LP(c)646SteamboatRoadGreenwich,CT06830

9,992,812

7.9%

DimensionalFundAdvisorsLP(d)BuildingOne6300BeeCaveRoadAustin,Texas78746

10,137,966

8.0%

TheVanguardGroup,Inc.(e)100VanguardBoulevardMalvern,PA19355

12,961,638

10.3%

(a) AsreportedonSchedule13G/A(filedwiththeSEConFebruary10,2017)byAJO,LP(“AJO”).AJOreportssolevotingpowerover5,677,789sharesandsoledispositivepowerover9,756,334shares.ThesecuritiesareownedofrecordbyclientsofAJO.Nosuchclientisknowntoownmorethanfivepercentofthisclassofsecurities.

(b) AsreportedonSchedule13G/A(filedwiththeSEConJanuary25,2017)byBlackRock,Inc.(“BlackRock”).BlackRockisthebeneficialownerofthesesharesthroughvariousofitssubsidiaries:BlackRock(Netherlands)B.V.,BlackRockAdvisors(UK)Limited,BlackRockAdvisors,LLC,BlackRockAssetManagementCanadaLimited,BlackRock Asset Management Ireland Limited, BlackRock Asset Management North Asia Limited, BlackRock Asset Management Schweiz AG, BlackRock FinancialManagement, Inc., BlackRock Fund Advisors, BlackRock Institutional Trust Company, N.A., BlackRock International Limited, BlackRock Investment Management(Australia) Limited, BlackRock Investment Management (UK) Ltd, BlackRock Investment Management, LLC and BlackRock Life Limited. BlackRock has sole votingpowerover9,701,139sharesandsoledispositivepowerof10,333,082shares.

(c) AsreportedonSchedule13D/A(filedwiththeSEConAugust23,2016,whichisthemostrecentfiling)filedjointlybyBlueHarbourGroup,LP(“BlueHarbour”),BlueHarbourHoldings, LLC(“BlueHarbourLLC”), andCliftonS. Robbins(“Robbins”). EachofBlueHarbour, BlueHarbourLLCandRobbinssharevotinganddispositivepowerover9,992,812shares.BlueHarbourLLCisthemanagingmemberofBlueHarbour,andRobbinsisthemanagingmemberofBlueHarbourLLC.

(d) As reported on Schedule 13G (filed with the SEC on February 9, 2017) by Dimensional Fund Advisors LP and certain of its subsidiaries (“Dimensional Fund”).DimensionalFundreportssolevotingpowerover10,019,401sharesandsoledispositivepowerover10,137,966shares.DimensionalFundfurnishesinvestmentadvicetofourinvestment companiesregisteredundertheInvestment CompanyAct of 1940, andservesasinvestment managerorsub-advisor tocertainother commingledfunds,grouptrustsandseparateaccounts(suchasinvestmentcompanies,trustsandaccounts,collectivelyreferredtoasthe“Funds”).Incertaincases,subsidiariesofDimensional Fund may act as an adviser or sub-adviser to certain Funds. In its role as investment advisor, sub-advisor and/or manager, Dimensional Fund or itssubsidiariesmaypossessvotingand/orinvestmentpoweroverthesecuritiesoftheCompanythatareownedbytheFunds,andmaybedeemedtobethebeneficialownerof thesharesof theCompanyheldbytheFunds. However, all securities reportedintheSchedule13GareownedbytheFunds. Dimensional Funddisclaimsbeneficial ownershipof suchsecurities. TheFundshavetherighttoreceiveorthepowertodirect thereceipt of dividendsfrom,ortheproceedsfromthesaleof thesecuritiesheldintheirrespectiveaccounts.

(e) AsreportedonSchedule13G/A(filedwiththeSEConFebruary10,2017)byTheVanguardGroup,Inc.andcertainofitssubsidiaries(“Vanguard”).Vanguardreportssolevotingpowerover73,759shares,sharedvotingpowerover13,703shares,soledispositivepowerover12,880,333sharesandshareddispositivepowerover81,305shares.Ofthe12,961,638sharesbeneficiallyownedbyVanguard,VanguardFiduciaryTrustCompany,awhollyownedsubsidiaryofVanguard,isthebeneficialownerof67,602sharesasaresult ofitsservingasinvestmentmanagerofcollectivetrustaccountsandVanguardInvestmentsAustralia, Ltd., awhollyownedsubsidiaryofVanguard,isthebeneficialownerof19,860sharesasaresultofitsservingasinvestmentmanagerofAustralianinvestmentofferings.


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COMPENSATION COMMITTEE REPORTThe Compensation Committee has reviewed and discussed the Compensation Discussion and Analysis for the year ended December 31, 2016 withmanagement.Basedonitsreviewanddiscussions,theCompensationCommitteerecommendedtotheBoardthattheCompensationDiscussionandAnalysisbeincludedintheCompany’sproxystatementonSchedule14AtobefiledwiththeSEC.

CompensationCommitteeoftheBoardofDirectors

ThomasR.Hix,Chairman

SirGrahamHearneJackB.Moore

SuzanneP.NimocksJohnJ.Quicke

February22,2017

Inaccordancewiththerecommendationof theCompensationCommittee, theBoardapprovedinclusionof theCompensationDiscussionandAnalysisinthisproxystatement.

COMPENSATION COMMITTEE INTERLOCKS AND INSIDERPARTICIPATIONDuring the year ended December 31, 2016, the Compensation Committeewas comprised of Messrs. Hix, Moore and Quicke, Sir Graham Hearne and Ms.Nimocks,allofwhomwereindependentnon-executivedirectors.NoneoftheCompensationCommitteemembershasservedasanofficeroremployeeoftheCompany, and none of our executive officers has served as a member of a compensation committee or board of directors of any other entity which has anexecutiveofficerservingasamemberofourBoard.


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COMPENSATION DISCUSSION AND ANALYSIS AND U.K.STATUTORY DIRECTORS’ REMUNERATION REPORT (PARTI)Rowan Companies plc is subject to disclosure regimes in the U.S. and U.K. While someof the disclosure requirements in these jurisdictions overlap or areotherwisesimilar,somedifferandrequiredistinctdisclosures.Asaresult,youwillfindourU.K.statutoryDirectors’RemunerationReport(the“Report”)requiredbyEnglishlawintwoparts:(i)theinformationincludedinthisPartI(alsoknownasCompensationDiscussionandAnalysisorCD&A),whichincludesdisclosurerequiredbytheSECaswell as Englishlawand(ii) theinformationincludedin Part II (labeledAnnexA), whichincludesadditional disclosurerequiredunderEnglish law. Part II shownin Annex A should be read inconjunction with Part I. Pursuant to English law, the Report also formspart of the statutory AnnualAccountsandReportsofRowanCompaniesplcfortheyearendedDecember31,2016.

Named Executive OfficersOfficer TitleThomasP.Burke PresidentandCEOStephenM.Butz ExecutiveVicePresidentandCFOMarkA.Keller ExecutiveVicePresident,BusinessDevelopmentMelanieM.Trent ExecutiveVicePresident,GeneralCounsel,ChiefAdministrativeOfficerandCompanySecretaryT.FredBrooks ExecutiveVicePresident,OperationsandEngineering** Mr.BrookswaspromotedtoExecutiveVicePresidentinFebruary2017.

Strong Performance in 2016 Despite Challenging MarketConditionsTheoffshoredrillingindustrycontinuedtofaceseveremarketchallengesthroughout 2016. Operator budgets generally declinedfor thethirdstraight year, aneventthathasnotoccurredsincethe1980s,drivingfurthercontractcancellationsandreduceddemandintheindustry.Theoverhangofasubstantialnumberofnewbuildunitsalsoaddedtothesupplyanddemandimbalancecausingworldwideutilizationtodeclinefurtherduringtheyear.Rowanbolsteredits financial andoperatingperformancenotwithstanding thetrials of 2016asdemonstrated byanabsolute total shareholder return (TSR)ofnearly12%duringtheyearandrankingfirstamongitspeergroupinrelativeTSRforthethreeyearsendedDecember31,2016.WealsoannouncedanewjointventurewithSaudiAramco,theworld’slargestoilproducer,continuedtoreduceourcoststructure,andstrengthenedourliquidityandbalancesheet,allwhiledemonstratingoutstandingoperationalandsafetyperformance.

As a result of management’s timely strategic decisions, strong operational performance, numerous cost cutting measures and solid execution ofwell-timed financial transactions, we believe Rowan is well-positioned to navigate the challenging market ahead and take advantage of strategicopportunities as they arise in this counter-cyclical market.

Keyaccomplishmentsin2016included:• rankingamongthetopofourpeergroupintermsofrelativeTSRforthethirdyearinarow; • generatingadjustedEBITDA*ofapproximately$834.2millionin2016asaresultofcontinuedstrongoperationalperformanceandcontrolovercosts; • generatingapproximately$783millionincashfromoperations,aftercapitalexpenditures; • Rowan being selected by Saudi Aramco over a number of our larger peer competitors to enter into an offshore drilling joint venture, utilizing our SaudiArabianoperationsasthefoundationofanewworld-classdrillingcompany,benefittingfromourstrongjack-upoperatingexperienceandSaudiAramco’sfinancialandcontractualsupporttoaddsubstantiallong-termvaluetoRowan;

• successfullyexecutinga$500millionpublicdebtofferingatanattractiveinterestrate,withinvestmentgradecovenants; • retiringover$500millionofpublicnotesinopenmarketpurchasesandtenderoffers,furtherimprovingourliquidityanddebtmaturityprofile; • strengtheningourliquidityofnearly$2.76billionwithapproximately$1.26billionincash,nearly$244millionaboveouroriginalforecast; * ForareconciliationofadjustedEBITDAtoaU.S.GAAPfinancialmeasurepleaseseetheCompany’syear-endearningsreleaseonForm8-KfiledwiththeSEC.


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• extendingthematuritydateofourrevolvingcreditfacilitybyoneyeardespiteasignificanttighteningofcreditforoilfieldservicecompanies; • negotiatingfavorablesettlementsofcontractterminationswithFreeportMcMoRan,CobaltandRepsol,withsubstantialrecoveryofbacklogamounts; • executinganadvantageousblendandextendarrangementwithAnadarkoproviding$154millionofbackloginto2018atanattractivemarketrate; • reducingoverheadcoststhroughcentralizationandoutsourcingofcertainfunctions,andexecutingseveralcostsavingsinitiativesthatresultedinreducing: – drillingexpensesbyapproximately24%forthefourthquarter2016versusfourthquarter2015; – selling,generalandadministrativecostsbyapproximately7%forthefourthquarter2016versusfourthquarter2015; – capitalexpenditures(excludingnewbuilds)approximately34%belowbudget; • realizingstrongdowntimeperformanceinourjack-upfleet; • executingsuccessfulultra-deepwateroperationswithanimprovementindowntimeof75%overthepreviousyearandimprovedsafetyresultsdespiteashortoperatinghistoryinthesector;

• completingthesaleoftwoidlejack-uprigsdespitereduceddemandforolderassets; • achievingforthesecondyearinarowourbestsafetyperformanceonrecord,witha20%reductionintotalrecordableincidentrate(TRIR)overthepreviousyear;

• advancingourdrillingperformanceinitiativebyimplementinganinnovativedataanalyticsplatform; • deployinganewmaintenanceandsupplychainsystemacrossthefleettoimprovethemaintenanceofourequipment,andbettertrackassetsandinventory;and

• implementingsignificantoperationalandprocessimprovements,includingupgradingouroffshoreITplatformandenhancingcrewtraining.

Rowan Outpaced Peer Group on a Comparative Basis in Year-Over-Year Revenue and EBITDARowanrankedfirstonacomparativebasiswithitscompensationreferencegroupintermsofrevenueandEBITDAfrom2015to2016.*

* InformationprovidedbyFWCookfromStandard&Poor’sCapitalIQasofMarch13,2017.Representsfinancialresultsasofeachcompany’slatestfiscalyear.


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Rowan at Top of Performance Peer Group in Relative Total Shareholder ReturnDuetoRowan’sstrongexecution,significantbacklogandsolidbalancesheet,werankedfirstandsecond,respectively,inrelativetotalshareholderreturn(TSR)comparedtoourPUpeergroupforthethree-yearandone-yearperiodsendingDecember31,2016,despitethedramaticdeclineinoilandgaspricesduringtheyearandaweakoffshoredrillingmarket.

ROWAN’S RELATIVE TSR AT TOP OF PEER GROUP

Responsiveness to Industry Conditions: 2016 Reductions in Base Salaryand Caps on AIP for NEOsVoluntary Reductions in NEO Compensation .DespitethefactthatRowanwasatthetopofthepeergroupintermsofrelativeTSRforthepastthreeyears,theCompany’sseniorexecutiveofficers,includingeachNEO,voluntarilyreducedsalaryandtargetbonusopportunityby10%effectiveJuly1,2016foraperiodof at least one year. Senior executives requested these salary reductions in light of market conditions in the offshoredrilling industry, ongoing cost controlefforts, and to showgood faith with the Company’s shareholders and employees during the steep and sustained downturn in the offshore drilling industry.Basedonourreviewofpeers’publicdisclosures,webelieveourmanagementteamwastheonlyoneamongpeerstovoluntarilymakesuchadjustmentsin2016.NEObasesalariesandshort-termandlong-termtargetpercentageshavenotincreasedsince2014otherthanwithrespecttopromotions.2016 AIP Cap . Inaddition,atmanagement’srecommendation,the2016AIPmetricscomponentwascappedat150%oftargetforNEOsandcertainotherexecutive officers. As a result, NEOs received a bonus approximately 26% lower than the bonus that would have been attained without the base salaryreductionandcaponthemetrics.

Performance-Related CompensationKeyperformance-relatedcompensationoutcomesfor2016includedthefollowing:• Despitetheprolongedmarketchallengesthroughout2016,theCompanyachievedoutstandingperformanceonthe2016AIP,withactualperformanceundermetricsat194.7%.However,asnotedabove,themetricscomponentofthe2016AIPwascappedat150%oftargetforNEOsandcertainotherofficers.

• Theperformanceunits for the2014to 2016cyclepaidout at $191.33per PUbasedonRowan’snearmaximumperformanceintotal shareholderreturnrelativetoourdirectindustrypeers.


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Pay-for-PerformanceTheCompensationCommitteebelievesthattheCompany’sprogramsaredesignedtobenefitshareholdersthroughstringentpay-for-performancerequirements,whilestillpermittingtheCompanytoeffectivelycompeteforandretainexecutivetalentintheoffshoredrillingindustry.TheCEOTargetandRealizedPayvsMarketRealizedPaychartontheleftcomparesourCEO’sthree-yeartargetandrealizedtotaldirectcompensationtothemedian target and realized total direct compensation of the CEOs of our compensation reference peers. Over the past three years, our CEO’s realizedcompensationexceededtargetcompensationbyapproximately$2.4milliondueprimarilytotheCompany’soutstandingannualperformancewhichresultedinabove-targetbonuspayouts,andtheCompany’sstrongrelativeTSRperformanceoversuccessivethree-yearperiodswhichresultedinabove-targetpayoutsonperformanceunitsforthe2013-2015and2014-2016awards.TheCEOPay-for-PerformanceAlignmentgraphontherightillustratesthealignmentoftheCompany’spayandperformancerelativetothatofitscompensationreference group by comparing thepercentile rank for three-year realized pay to the percentile rank for TSR for the three-year period from January 1, 2014throughDecember31,2016.Overthepastthree-years,RowanhasrankedthehighestinTSRandthehighestinrealizedpay,indicatingstrongalignmentbetweenourpayandperformance.

Forpurposesofthechartontheleft,targettotaldirectcompensationforthepastthreeyearsiscomprisedofthefollowingcompensationelements:basesalarypaid;targetbonus;grantdatefairvalueofRSUsandtargetvalueofPUs.Realizedtotaldirectcompensationforthepastthreeyearsiscomprisedofthefollowingcompensationelements:basesalarypaid;actualbonuspaid;theintrinsicvalueofshareoptionsandSARs(ifapplicable)grantedoverthepastthreeyearsusingtheDecember31,2016closingprice;thevalueofRSUsgrantedoverthepastthreeyearsusingtheDecember31,2016closingshareprice;andactualperformanceunitcashpayoutsfortheperformanceperiodscompletedduringthepast three years. For this analysis, no value is included for the performance units granted in 2015 and 2016 because the performance periods are not yetcomplete.

Compensation Philosophy and GoalsWe operate in a highly cyclical and competitive global offshore drilling market with relatively few publicly traded peers. The offshore drilling environment isstronglyinfluencedbythefactorsshownbelowthatsignificantlyaffectstrategiclong-termdecisionmakingandcompanyperformanceovertime.Retainingandmotivatingexecutiveswhounderstandandcanevaluatethiscomplexbusinessandoperatingenvironmentiskeytooursuccess.Thesefactorsinclude:• complextechnicalexpertise; • overarchingeffectofglobaloilandgasmarkets; • largeconcentratedcapitalinvestmentswithlongpaybackhorizons; • demandforemployeeswithhighlyspecializedskillsets; • cyclicalnatureofoilandgasdemandandpricing; • stringentandevolvingcustomerdemands;and • impactoflaws,regulations,customs,safetyandenvironmentalconsiderationsaroundtheworld.Thesefactorsalsoinfluencehowwedesignandadministerourexecutivepayprogramstoensuretheyarecompetitiveanddrivesuperiorcompanyperformance.

Webelievethedesignofourexecutivecompensationprogramsinordertoretainandmotivate


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executivetalentandencouragegoodlong-termbusinessdecisionsiskeytotheCompany’ssuccess,particularlyduringamarketdownturn.Mostnotably,theseinfluencesareseeninthefollowing:• ourannualincentiveplandesignwhichincludesfinancial,operationalandstrategicmeasures; • ourmixoflong-termincentivecompensationvehicles,includingRSUsandPUslinkedtoperformance-basedand/ortime-basedvestingconditions; • ourprocessforcomparingexecutivecompensationagainstasmallgroupofprimaryoffshoredrillingpeercompaniesofvaryingsizes.Thisisnecessarybecause:

– ourbusinessrequiresexecutiveswithhighlyspecializedindustryexperience; – therearealimitednumberoftrulycomparablecompaniesfromwhichtorecruitthisspecializedexecutivetalent;and – compensationlevelsandpracticesintheoffshoredrillingindustryarenotdrivenbycompanysizebutratherbyhighlyspecializedoffshoredrillingindustry

expertise.Webelieveourexecutivecompensationprogramsarecloselyalignedwithourshareholdersasfollows:What We Do What We Don’t Do

Maintainshareownershipguidelinesandretentionrequirements Provideexcisetaxgross-upstoexecutives;allexcisetaxgross-upswereterminatedbyApril2016

Maintainclawbackprovisionsthatallowustorecoupcompensationmadeunderourincentiveplans

Allow“single-trigger”cashpaymentsuponachange-in-control

Useindependentcompensationconsultants Allowrepricingofunderwaterstockoptionswithoutshareholderapproval

AwardincentivecompensationthatisintendedtoqualifyfordeductibilityunderSection162(m)oftheU.S.InternalRevenueCode

ProvideemploymentagreementstoNEOs

UserelativeTotalShareholderReturn(TSR)metricforourPerformanceUnits

ProvidesignificantperquisitestoNEOs

Performanannualriskassessmentofourexecutivecompensationprograms

Prohibithedgingandpledgingbyinsiders Provideatleast50%ofourlong-termincentivemixintheformofperformance-basedawards

Executive Compensation Program ObjectivesOurcompensationphilosophyistoofferpayprogramsthatmotivateexecutivemanagementtomakedecisionsleadingtothelong-termcreationofshareholdervalueandretainexecutivetalent.Inordertodothis,theprogramsmustreflectthecomplexitiesandnuancesoftheoffshoredrillingindustryagainstwhichwecompeteforexecutivetalent.Wetakealongrangeviewofthemarket,andrewardtactical,strategic,andfinancialperformance.Wealsoattempttobalancetheincentive leverage of our programs so they motivate management to take appropriate risks, while responding to year-over-year changes in companyperformance.Ourphilosophyalsodeemphasizesindirectelementsofcompensationsuchasperquisites.To reward both short- and long-term performance and to further our compensation objectives, the Compensation Committee has structured our executivecompensationprogrambyfocusingonthefollowingkeyobjectives:Objectives How We Meet Our ObjectivesAttract and retain knowledgeable,experienced and high performingtalent

Provideacompetitivetotalpaypackagetakingintoaccountbasesalary,incentivesandbenefitsinordertoattract,retainandmotivateouremployees.Regularly evaluate our pay programs against the competitive market of our offshore drilling reference group,comparingbothfixedandvariable,at-riskcompensationthatistiedtoshortandlong-termperformance.Competeeffectivelyforthehighestqualitypeoplewhowilldetermineourlong-termsuccess.

Pay for performance and rewardthe creation of long-termshareholder value

Provide a significant portion of each NEO’s potential total direct compensation in the form of variablecompensation.Alignourexecutivecompensationwithshort-termandlong-termperformanceoftheCompany.Administerplanstoincludethree-yearperformancecyclesonlong-termincentiveplanawards,three-yearvestingschedulesonequityincentives,andcompetitivetotalbenefitprograms.Tie payment on our performance units to our relative TSR performance compared to our offshore drillingpeergroup.Rewardemployeesforimplementingstrategicobjectivesthatfurtherlong-termshareholdervalue.


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Objectives How We Meet Our ObjectivesDrive and reward performance thatsupports our core values

Emphasizefinancialandoperationalperformancemeasuresthatcontributetovaluecreationoverthelongerterm.Create a culture of continuous improvement by using incentives to increase earnings and improve costeffectiveness.Annualincentiveprogramincludesspecifictargetsrelatedtohealth,safetyandtheenvironment.Upholdthehighestlevelofintegritybymaintainingaclawbackpolicyforawardsmadeunderourincentiveplans.Allowlimiteddiscretioninapplicationofincentiveawardstoensuresolidindividualperformanceisrewardedandtoreduceawardsifobjectivesarenotmet.

Address the complexities inmanaging a highly complex andcyclical global business that issubject to world demand for oil andgas

Annual incentive program includes financial, operational and strategicmetrics that drive company performanceandrewardmanagersforachievements.Long term incentive plan utilizes a combination of share price performance and full-value awards, balancingretentionandappreciationthroughthebusinesscycles.The cash-based performance unit component of the long-term incentive planmeasures relative TSRto ensureclosealignmentwithourshareholders.

Provide a significant percentage oftotal compensation that is variableand at risk

Annualandlong-termincentivecompensationconstitutes,onaverage,morethan80%oftotaldirectcompensationforNEOs.

Motivate management to takeprudent but not excessive risks

Payprogramsemphasizelong-termincentivecompensationwithtime-basedvestingschedulesandthreeyearcliffvestingonperformanceunits.Shareownershipguidelinesmotivatealignmentbetweenlong-termshareholdervalueandmanagementdecisions.Utilizemultipleperformancemeasuresforshort-termandlong-termincentives,aswellaspeercomparisons.

Align executive and shareholderinterests

Shareownershipguidelinesforexecutiveofficersanddirectors.Tiesignificantvalueofourannualequitygrantstosharepriceperformance.

Company’s Compensation Reference GroupWeoperateinahighlycompetitiveandtechnicallycomplexglobaloffshoredrillingmarketwithrelativelyfewpubliclytradedpeers,includingseveralwhicharesignificantly larger than we are.We compete with this small group of companies on a daily basis in everything we do, including competing for investors,employeesandcustomers.Recruiting,hiring,retainingandmotivatingexecutivesandemployeeswithspecializedindustryexperiencenecessarytomanageandoperateourglobaloffshoredrillingbusinessiskeytooursuccess,particularlyduringthepastseveralyearsastheCompanyhasenteredtheultra-deepwaterdrillingsector.Asaresult,wecompetefor talent withina small referencegroupof companies, manyof whicharelarger thanus. Compensationlevels andpracticesin theoffshoredrillingindustryaresignificantlyinfluencedbyhighlyspecializedoffshoredrillingindustryexperienceratherthanbycompanysize.TheCommitteestronglybelievesthatwemustcompareourexecutivepaywithpayofthemostsimilaroffshoredrillingreferencecompanies,regardlessofsize.TheCommitteeusesthereferencecompanydatatodesignandadministerourexecutivepayprogramstoensurethatourprogramsremaincompetitivesothatweareabletohireandretainthenecessarytalenttodrivetheCompany’ssuccess.

Process for Developing the Compensation Reference Group and Performance Peer GroupTheCompanyutilizestwodifferentgroupsforcompensationdecisions:• Acompensation reference group , whichisusedtocompareexecutivecompensationandtogenerateinformationrelatedtobroaderpaypractices;and • Aperformance peer group , whichisusedtomeasurerelativeTSRperformancefortheCompany’sPerformanceUnits.Each year, the Committee, with its independent compensation consultant,FWCook, reviews the appropriateness of the Company’s compensation referencegroupandperformancepeergroupusingthefollowingprocess:


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ItisboththeCommittee’sandFWCook’sobjectiveviewthattheCompany’sselectedcompensationreferencegroupandperformancepeergrouplistedbelowisthemostappropriategroupofcompaniesagainstwhichbothpayandperformanceshouldbecomparedbasedonthefactorslistedbelow.

2016 Compensation Reference Group and Performance Peer GroupIn2016,theCommitteeusedthefollowingcompensationreferencegroupforitsexecutivecompensationandpaypracticeanalysisandperformancepeergroupfortherelativeTSRcalculationforthePUs: 2016 Compensation 2016 PerformanceCompany Reference Group Peer Group for PUsAtwoodOceanics,Inc. DiamondOffshoreDrilling,Inc. Enscoplc NobleCorpplc SeadrillLimited(a) N/A TransoceanLtd. (a) Seadrillisinourperformancepeergroupbutwasnotusedinourcompensationreferencegroupbecausecompensationdatawasnotpubliclyavailable.

Why We Chose Our Compensation Reference GroupAlthoughsomeoftheseoffshoredrillingcompaniesarelargerthanusintermsofrevenueormarketcapitalization,wecompetedirectlywiththesecompaniesforinvestors,employeesandcustomersduetothehighlycomplexnatureanddemandsofouroffshoredrillingoperations.Basedonanindependentandobjectiveanalysis, the Committee and our independent compensation consultant believe that this offshore drilling group is the most appropriate reference groupcomparisoninsettingexecutivecompensationlevelsgiven:• Ourworld-class,globaloperations,includingourhigh-spec,harshenvironmentandultra-deepwateroperations,whichcompetedirectlywithourlargerpeers; • Thetechnicalcomplexityofourbusinessandneedtoretainandmotivatehighlyskilledandexperiencedemployees; • Thespecializednatureofourfleet; • Theglobalnatureofouroperationsandthenecessityofadeepunderstandingofeachmarketinwhichweoperate; • Thelarge-scalecapitaldecisionsinvolvedinouroffshoredrillingoperations;• Thelong-leadtimesassociatedwithmarketcyclesandassetdeploymentdecisionsinourbusinessandindustry;and • Ourdiverseinternationalcustomerbase,includingintegratedandnationaloilcompanies,withstringentoperationaldemandsandrequirements.Intheoffshoredrillingindustry,thequality,experienceandcompetencyofemployeesisakeystrategicfactorintheperformanceamongpeercompanies.Wemustthereforeoffercompetitivecompensationcomparedtoourpeers,includingourlargerpeers,inordertosuccessfullyattract,hire,retainandmotivatetopoffshore drilling talent in this highly complex marketplace. Basedon our offshore drilling peer group, webelieve our NEOs’ total compensation is in line withmarketpracticesasshowninthechartsbelow.

How We Use Our Compensation Reference GroupWeusethereferencegroup:• Asaninput,alongwithcompensationsurveydata,indevelopingbasesalaryranges,annualincentivetargetsandlong-termincentiveawardranges; • Toevaluateshareutilizationbyreviewingoverhanglevelsandannualrunrate; • ToevaluatetheformandmixofequityawardedtoNEOs; • Toevaluateshareownershipguidelinesandothercompensationpractices; • ToassessthecompetitivenessoftotaldirectcompensationawardedtoNEOs;and • Asaninputindesigningcompensationandbenefitplans.TheCommitteetakesintoaccountthevaryingsizesofcompanies intheoffshoredrillingreferencegroupwhenmakingpaydecisions.Targetsforannualandlong-term incentive compensation are based on market comparisons with a view to having a significant percentage of variable compensation dependent onindividualandcompanyperformance.TheCommitteereviewscomparativeinformationamongourreferencegroupforeachcomponentofcompensationcompiledbyFWCook.TheCommitteehasdeliberately not set a percentile target for compensation but rather subjectively considers the competitive conditions and the circumstances of each NEO’ssituation, includingexperience,scope of responsibility, tenure in current position, retention needs and individual performance. FIT Remuneration ConsultantsLLP,theCommittee’sU.K.compensationconsultant,alsoadvisestheCompanyonU.K.compensationissuesandpractices.


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Target Total Direct Compensation Compared to Reference GroupThefollowingchartsshowbothpre-reductionandpost-reductiontargettotaldirectcompensationforourCEOandothercurrentNEOsarebelowthemedianoftheCompany’sreferencegroupin2016.

Forthechartsabove,targettotaldirectcompensationforthepeercompanieswascalculatedusingthemostrecentpubliclyavailabledatacompiledbyFWCookandCEOandNEObasesalariesforbothpreandpost10%reduction.

Elements of Executive CompensationWehavethreeprimaryelementsoftotaldirectcompensationforNEOs:• basesalary; • annualshort-termincentive;and • annuallong-termequity-basedawardsunderourlong-termincentiveplan.Approximately85%ofourCEO’sand78%ofourNEOs’totaldirectcompensationisperformance-basedandnotguaranteed.Wealsoprovidevariousretirementandbenefitprogramsandlimitedbusiness-relatedperquisites.What We Pay and Why We Pay What We Pay Why We PayBase Salary • Toattractandretaintalent • FixedbaseofcashcompensationAnnual Incentive • Todriveachievementofkeybusinessresultsonanannualbasis • Torecognizeindividualsbasedontheircontributions • Performance-basedandnotguaranteedLong-Term Equity • TodirectlytieinterestsofexecutivestotheinterestsofourshareholdersCompensation • Toretainandmotivatekeytalent • PUsareperformance-basedandnotguaranteedBenefits • Toprovideasafetynettoprotectagainstthefinancialcatastrophesthatcanresultfromillness,disabilityordeath • NEOsgenerallyparticipateinthesamebenefitplansasthebroaderUSemployeepopulation • Includesmedical,dental,lifeanddisabilityplansPerquisites • LimitedperquisitesRetirement Programs • Toprovideforbasicretirementneedsandasanadditionalmeanstoattractandretainemployees • Includespensionplans,retirementsavingsplansandabenefitrestorationplan


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ThebalanceamongthethreeelementsoftotaldirectcompensationisestablishedannuallybytheCommitteeandisdesignedtorecognizepastperformance,retain key employees and encourage future performance. When conducting its annual deliberations, the Committee reviews each component against bothhistoricalandrecentcomparativestatisticsaswellasanticipatedtrendsincompensationwithcomparisonstothereferencegroup.TheCommitteealsoconsiderspayandemploymentconditionsofotheremployeeswithintheCompanyindeterminingexecutivecompensation.TheCommitteebelievesthatthedesignofourcompensationprogramisappropriateandcompetitive.

Pay MixVariable compensation, which includes annual cash bonus and long-term incentives, represents approximately 85%of total compensation for our CEO, andapproximately78%forourcurrentNEOs.

Inderivingthisfigure,weconsiderourNEOs’totalcompensationpaytoinclude2016salaryrate,targetbonus,long-termequityandother(includingperquisites).WedonotincludeinthiscalculationtheincreaseinactuarialvalueofahistoricpensionplanshowninthesummarycompensationtablebecausethatfigureisbasedonpensionplanaccountingandisnotindicativeofanychangeincompensationthattheNEOshaveormayultimatelyrealize.Base SalaryBasesalaries for our NEOsare determinedannually by theCommittee.For each NEO, the Committee reviewspay information for suchposition amongourreferencegrouptoensurethatNEOsalariesremaincompetitive.TheCommitteedoesnottargetaspecificpercentileofthemarketdata,butinsteadtakesintoconsiderationthecompetitiveconditionsandthecircumstancesoftheindividual,suchasscope,responsibilitiesandcomplexityoftheposition,tenure,levelofexpertiseandsubjectivejudgmentofindividualperformance.Thereisnospecificweightinggiventoeachfactor.FortheCEO,theCommitteereviewsanddiscussestheBoard’sevaluationoftheCEO’sannualperformanceandmakespreliminarydeterminationsaboutbasesalary,annualincentiveandlong-termequitycompensation.ForNEOsotherthantheCEO,theCommitteereviewstheperformanceofsuchNEOsandreceivesanannualrecommendationfromtheCEOastosuggestedcompensationadjustments,if any.WhiletheCommitteeexaminescomparativedatarelatedtoourreferencegroup provided by FW Cook, compensation paid at other companies is not a primary factor in the decision-making process. The Committeemayrecommendadjustmentstobasesalaryforannualmeritincreases,duetopromotionsorchangesinroleortoreflectmarketfactors.Noincreaseinbasesalaryisautomaticorguaranteed.TheCommitteethendiscussesthecompensationrecommendationsforallNEOs,includingtheCEO,withthefullBoardandtheBoardapprovesfinalcompensationdecisionsafterthisdiscussion.In February 2016, based on management’s recommendation, the Compensation Committee determined that no increases to base salaries or targetsfor short and long term compensation for NEOs would be made in 2016 except in connection with promotions. As such, NEOs have not received meritincreases since 2014 other than with regard to promotions.Voluntary Base Salary Reductions. Effective July 1, 2016, each NEO voluntarily requested a 10% reduction in base salary for a period of at leastone year. The reduced base salaries were also used for purposes of calculating 2016 AIP payments. The NEOs (plus other senior executiveofficers) implemented these pay reductions in light of market conditions in the offshore drilling industry, ongoing cost control efforts, and to showgood faith with the Company’s shareholders and employees during the downturn in the price of oil.


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Executive % Decrease

from Year End 2015 2015 Base Salary 2016 Base Salary* Burke 10% $ 800,000 $ 720,000Butz 10% $ 420,000 $ 378,000Keller 10% $ 475,904 $ 428,314Trent 10% $ 400,000 $ 360,000Brooks 10% $ 344,432 $ 309,989* Reflectsa10%reductioninbasesalaryeffectiveJuly1,2016.TheBoardexpectstoevaluateNEObasesalariesandothercompensationlevelslaterin2017toensure

thatNEOcompensationiscompetitivetomotivateandretainexecutivetalentinthischallengingenvironment.

Annual Incentive CompensationWeprovideincentivecompensationtoourexecutiveofficersintheformofanannualcashincentivebonusforthepurposeofrewardingandrecognizingtheircontributionstowardapprovedCompanygoals andmetrics andencouraging further individual contributions to shareholder value. In 2016, approximately 505employees, includingourNEOs,participatedintheAnnual IncentivePlan(“AIP”). Eachparticipant inthe2016AIPhadanincentivetargetdenominatedasapercentage of base salary. For 2016, the NEOs were eligible to receive incentive target payments at the target percentages in the table below (which wereunchangedfromtheprioryear).

Executive % Increase/Decrease

from Year End 2015 2016 Target Multiple

(as a % of base salary) (a) Burke Noincrease 100%Butz Noincrease 70%Keller Noincrease 70%Trent Noincrease 70%Brooks Noincrease 60%(a) ExceptforchangestoAIPpercentagesinconnectionwithpromotionsornewhiresoccurringduringtheyear,AIPpercentagetargetsaregenerallyeffectiveApril1stof

eachyear.ActualAIPamountsarepro-ratedbasedonthetargetpercentageineffectJanuary1throughMarch31ofeachyearandtheincreasedtargetpercentage,ifany, in effect fromApril 1 throughDecember 31of eachyear. Reducedbasesalaries wereusedfor purposesof calculating 2016AIPpayments to NEOsandotherexecutiveofficers.

The target percentage levels for each executive were originally set based on a review of target bonus levels of our compensation reference group and theexecutive’srelativeposition,responsibilitiesandtitlewithintheCompany.The2016AIPrequiredtheCompanytoachieveaninitialperformancehurdleofeitheratleast$100millionofEBITDAoratleast$10millionofpretaxoperatingearningsafterinterestexpenseandbeforeincentives,servicefeesandextraordinaryorspecialitems.TheinitialthresholdperformancegoalswereestablishedbytheCompensationCommitteetopreservethedeductibilityofAIPpaymentsthatareintendedtoqualifyasperformance-basedcompensationunderSection162(m) of the Code for federal income tax purposes, and do not necessarily represent the actual financial results we expect to achieve. If this thresholdperformancehurdlewasmet,thenabonuspoolunderthe2016AIPforall2016AIPpaymentswouldbefundedatthemaximumbonusopportunity,butwouldbesubject to downward adjustment based the Company’s performance against the financial, operational and strategic metrics shown below and other factorsconsideredbytheCompensationCommittee.DeterminationofwhethertheperformancecriteriaaremetismadebytheCompensationCommitteeaftertheendofeachperformanceperiod.Whilethisdesignisintendedtopreservedeductibilityundertaxregulations,theCompensationCommitteereservestherighttograntnon-deductible compensation and there is no guarantee that compensation payable pursuant to the Company’s compensation programs will ultimately bedeductible.2016 AIP: Financial, Operational and Strategic PerformanceFortheCompany’s2016AIP,theCompensationCommitteecertifiedthattheCompanymettheinitialfundinghurdlesdescribedaboveandthebonuspoolforexecutiveofficerswasfullyfunded,withtheactualAIPpercentagepayoutdeterminedbytheCompensationCommitteebasedontheCompany’sperformanceagainstthefinancial,operationalandstrategicobjectivesincludedinthe2016AIPbelow.The2016AIPcomprisesametricscomponent representing75%ofthebonusvalueandadiscretionarycomponent representing25%.Thepayoutunderthe75% metrics component may range from 0% to 200% depending on performance against the metrics (0% to 150% on a weighted basis); however, atmanagement’s recommendation, that component was capped at 150% (112.5% on a weighted basis) for executive officers. The discretionary 25%componentmayrangefrom0%to50%onaweightedbasis.


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2016 Performance on Metrics Near Maximum, but Capped at 150% for NEOsMetrics Component . For2016,outstandingachievementoftheAIPmetricsthatdetermine75%ofthebonusplanresultedinnearmaximumpayout: 2016 Performance Goals

Performance Measure

Threshold*(50% of target)

Target (100% of

target)

Maximum(200% of

target) Actual

Performance

Resulting % of Target

Achieved X Weighting =

Weighted % of Target

EarnedAdjustedEBITDA(a) $733.2 $814.7 $896.1 $985.3MM 200% 50% 100%ChangeinCashBalance(b) $372.8 $469.7 $566.6 $778.5MM 200% 20% 40%TotalRecordableIncidentRate(TRIR)(c)

≥1.0

0.8

≤0.6

0.59

200%

15%

30%

TotalPotentialHurtRate(TPHR)(d)

≥6.5

5.5

≤4.0

5.61

95%

5%

4.7%

ContractedNon-ProductiveTime(NPT)(e)

≥3.80%

3.20%

≤2.60%

2.54%

200%

10%

20%

TOTAL 194.7%* ThereisnoAIPpayoutbelowthisthreshold.AIPpayoutisinterpolatedbetween50%and100%andbetween100%and200%.(a) Theactualperformancelevelabovereflectsthefollowing:(i)apositiveadjustmenttoremovethenegative2016impactoftheblendandextendcontractontheRowan

Resolutedrillshipand(ii)anegativeadjustmenttoremovetheimpactofacceleratedearningsinto2016fromthecontractterminationsettlementontheRowanRelentlessdrillship.However,theCompanyachievedthemaximumthresholdonthismetricevenwithouttheseadjustments.

(b) Giventheexpectedprolongedindustrydownturn,thecashmetricwasaddedtothe2016AIPtofocusonmaintainingastrongcashandliquidityposition.Changeincashbalanceisthechangeincashfromtheendoftheprioryearcomparedtotheendofthecurrentyearutilizinga30-dayaveragecashbalancefromDecember15throughJanuary15,adjustedforspecialcircumstancessuchasshareordebtrepurchases,blendandextendcontractamendments,contractterminations,acquisitionsandotheruniquecircumstances.

Theactualperformancelevelabovereflectsthefollowing:(i)apositiveadjustmenttoaccountforyear-to-datedebtrepurchasesinexcessofthenewissuanceofdebt;(ii)apositiveadjustmenttoremovethenegative2016impactoftheblendandextendcontractontheRowanResolutedrillship;and(iii)anegativeadjustmenttoremovetheacceleratedimpactofcashreceivedin2016fortheterminationoftheRowanReliancedrillshipcontract.However,theCompanyachievedthemaximumthresholdonthismetricevenwithouttheseadjustments.

(c) DerivedfromourinternalincidentreportingbycomparingthetrailingTRIRwithCompanygoals.(d) TPHRwasaddedasanewmetricforthe2016AIPtofocusontheseverityorpotentialseverityofincidentsasanadditionalsafetymetricandisderivedfromourinternal

incidentreportingbycomparingthetrailingTPHRwithCompanygoals.(e) NPTrefers to any period whena rig is on location andunder contract but wasnot operational dueto equipment failure or other unplannedstoppage. Represents the

percentageoftotaloffshorecontractedhoursdownversusthetotaloffshorehours(excludingsignificantperiodsofstandbyhours).NPTexcludeshoursforinspectionsandplannedmaintenance.

Rigor of AIP GoalsEach year, the threshold, target and maximumlevels for each performancemetric are rigorously evaluated by the Compensation Committee in light of anychangestotheCompany’sbusinessoroperations,previousyears’targets,actualperformancelevels,management’sbudgetestimatesandexpectedmarketandoperatingconditions.Although the Company strives for continuous year-over-year improvement in all areas of its business, the Compensation Committee recognizes thatAIP target levels should reflect goals which are rigorous yet reasonable in light of market conditions and prior performance. All but one metric fromthe prior year were set at more aggressive target levels in 2016, with EBITDA set below the prior year for the first time since 2012 in light of thecontinuing decline in the offshore drilling industry.EBITDA. The Company’s EBITDA target is set each year by comparison to the Company’s annual budget, which reflects contract backlog, assumeduncontractedworkandexpectedoperatingandSG&Acosts.Giventhecontinuingdeclineintheoffshoredrillingmarketandreducedworldwidefleetutilizationacrosstheindustry,theEBITDAtargetfor2016wassetbelowtheprioryearforthefirsttimesince2012,withthe2016targetslightlyreducedto$815millionfrom $842 million in 2015. Despite low commodity prices, reduced operator spending, low worldwide fleet utilization and an overcapacity of drilling rigs, theCompanysuccessfullyexceededthe2016EBITDAtargetprimarilyduetostrongoperationalperformanceandaggressivecostreductions.

EBITDA TARGETS AND ACTUAL PERFORMANCE

*AdjusteddownfortheRelentlesstermination(acceleratedrevenueinto2016)andupfortheAnadarkoblendandextend.


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Thechartbelowillustratesthatdespiterevenuedecreasingbetween2015and2016duetoadeterioratingoffshoredrillingmarket,theCompanycontinuedtosuccessfullyreduceoperatingcostsandSG&AyearoveryeartoattainhigherthanbudgetedEBITDAinboth2015and2016.

BUDGET VERSUS ACTUAL PERFORMANCE 2015 vs. 2016

*AdjusteddownfortheRelentlesstermination(acceleratedrevenueinto2016)andupfortheAnadarkoblend&extend.

Total Recordable Incident Rate. TRIRtargetshavebeensetatorbelowprioryear’stargetssince2012,andreflect20%reductionintheTRIRtargetfrom2015to2016.

TRIR TARGETS AND PERFORMANCE

Contracted Non-Productive Time. NPTtargetsandperformancelevelshavevariedoverthelastseveralyears,primarilyduetotheCompany’sentryintothedeepwaterdrillingsectorwithfournewlyconstructeddrillships.However, theCompensationCommitteesetthe2016NPTtargetat3.2%,lowerthantheNPTtargetof3.37%in2015despite16%moredrillshipdaysavailablein2016.Discretionary ComponentIn determining the payout for the 25% discretionary component, the Committee reviewed, among other things, the Company’s operational and financialaccomplishmentsoftheyear,absoluteandrelativesharepriceperformance,theCompany’sliquidityprofile,strategictransactions,andcontinuousimprovementefforts that might not be reflected in the 75% metrics component. The Committee commended the management team for successfully executing severaltransactionsincludingthesigningofajoint ventureagreementwithSaudi Aramcoafter beingselectedoveranumberofourcompetitors, anextensionof theCompany’screditfacility,asuccessfulnotesofferingandtenderoffer,andseveralcontinuousimprovementinitiativestoenhanceoperationalperformance.TheCommitteedeterminedthatmanagementhadachievedoutstandingperformancein2016asreflectedintheCompany’srelativeandabsolutestockperformanceand improved liquidity position. However, given the continued challenging market conditions in the offshore drilling sector, the Committee capped thediscretionaryportionforNEOsat150%or37.5%onaweightedbasis,resultinginatotalbonuspoolforNEOsunderthe2016AIPof150%.TheCEOmadeinitial recommendationstotheCommitteeregardingpayoutstohis direct reports, includingtheNEOs,basedonindividual performance. TheCommitteeapprovedandtheBoardratifiedtheNEO2016AIPpayoutsasfollows:Individual AIP Calculation

Executive Officer 2016 Target AIP

Opportunity (Unreduced) 2016 Target AIP

Opportunity (Reduced) 2016 Actual AIP

Payout (a)

Burke $ 800,000 $ 720,000 $ 1,080,000Butz $ 294,000 $ 264,600 $ 396,900Keller $ 333,133 $ 299,819 $ 449,730Trent $ 280,000 $ 252,000 $ 378,000Brooks $ 206,659 $ 185,993 $ 278,990(a) ActualAIPpayoutiscalculatedbasedonreducedbasesalariesandreflectsa10%reductioninAIPpayoutinadditiontothe150%cap.


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Long-Term Incentive CompensationOurlong-termincentiveprogramallowsourNEOstoearncompensationoveranumberofyearsasaresultofsharepriceperformanceand/orsustainedfinancialperformance over multiple years. Consistent with our at-risk pay philosophy, long-term incentives comprise a significant portion of our NEOs’ compensationpackage.For2016,thelong-termcompensationprogramforNEOswascomposedofRSUsandPUsdescribedbelow.Aprimaryobjectiveofthelong-termincentiveplanistoaligntheinterestsofNEOswiththoseofourshareholdersandfurtherourstrategicgoals.Incentive Award % of Total Incentive Awards in 2016 (a) Company Goals Future Value Dependent OnRSUs 50% Retainexecutivetalent;driveshare

performance Sharepriceappreciation

PUs 50% Motivateexecutivestooutperformpeersandretainexecutivetalent

TSRrelativetopeers

(a) Thepercentageforeachelementofcompensationmaychangefromyeartoyearinthefutureasgovernancestandardsevolveormarketconditionschange.Restricted Share Units (RSUs)RSUsprovideourNEOstheopportunityforcapitalaccumulationandlong-termincentivevalue.Assharepriceincreases,theNEOsrewardincreasesasdoesshareholdersvalue.Additionally,RSUsareintendedtoaidintheretentionofNEOsthroughtheuseoflong-termvesting(generallyone-thirdincrementsannuallyaftertheoriginalgrantdate).Performance Units (PUs)PUs represent a significant portion of our long-term incentive compensation program. Our PUs have a target value of $100 per unit, cliff vest on the thirdanniversaryofthegrantdateandpayoutisachievedbasedontheCompany’srelativeTSRovermultipleperformanceperiods.ForPUsawardedin2016,theCommitteehasdiscretiontosettlePUsincash,sharesoracombinationofboth.ThePUsaredesignedtoalignourexecutives’interestswiththoseofourshareholdersbyfocusingasignificantportionoftheexecutives’ longtermincentiveaward on relative TSR over the long term. In addition, the use of relative TSR as a performance measure helps to mitigate the volatility in goal setting forincentiveplansintheenergyindustry.Performance Unit Metric: Relative TSR. ThepayoutwithrespecttothePUsisdeterminedbycomparingrelativeTSRperformanceamongouroffshoredrillingpeers and interpolating our results with the companies just above and just below us as follows. If the Company is at the bottom of the peer group for anyperformanceperiod,therewillbenocashvalueattributabletothatperiod.Performance Rank 7th 6th 5th 4th 3rd 2nd 1stUnitValue 0% 33% 67% 100% 133% 167% 200%Performance Measurement Periods. To further address incentive plan volatility, amounts payable under PU awards are based upon the Company’sperformanceduringfourperformancemeasurementperiods:• onethree-yearperformancemeasurementperiodendingonDecember31ofthethirdcalendaryearofmeasurement;and • threeone-yearperformancemeasurementperiodswithinthatthree-yearperiod.Annual Performance Periods Keep Management Motivated and Provide Line of Sight. Asoftheendofeachofthefourperformancemeasurementperiods,theCompany’srelativeTSRismeasuredagainsttheperformanceofourpeergrouptodetermine25%ofthePUawardvalue.Exceptasnotedbelow,thereisnopayoutwithrespecttothePUsuntiltheendofthethree-yearcliffvestingperiod(typicallyinearlyspring),buttheCompanycalculatestheannualmeasurementamountsandinformsholdersofanticipatedachievementannually.Thisdesignfeatureprovidesabetterlineofsightforparticipantsduringthethree-yearperiodcomparedtootherplandesigns,andpayoutvolatility isreducedbyspreadingthemeasurementsoverthreeconsecutiveone-yearperiodsandincorporatingafourthmeasurementcoveringtheentirethree-yearperformanceperiod.


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Thismultiplemeasurementperiodapproachpreservesmanagement’s incentivetoperformoverathree-yearperiodand, combinedwithoverlappinggrantsofPUs,alsoprovidesourNEOswithameaningfulincentivetoprovidesuperiorsustainablereturnstoshareholdersoverthelong-term.The2014,2015and2016PUsinvolvefourperformancemeasurementperiodsasfollows. 2014 Performance Units 2015 Performance Units 2016 Performance Units25% One-YearPeriod(2014) One-YearPeriod(2015) One-YearPeriod(2016)25% One-YearPeriod(2015) One-YearPeriod(2016) One-YearPeriod(2017)25% One-YearPeriod(2016) One-YearPeriod(2017) One-YearPeriod(2018)25% Three-YearPeriod(2014to2016) Three-YearPeriod(2015to2017) Three-YearPeriod(2016to2018)DependingonrelativeTSRperformance,thepayoutofvestedPUswill rangefrom0%to200%oftheinitialunit valueof$100.Anemployeewhoterminatesemployment with theCompany(other than for retirement) prior to theendof the three-year cliff vesting periodwill not receiveanypayout of PUsunlessthepayoutisapprovedbytheCommitteeorsuchterminationofemploymentresultsinacceleratedvestingofthePUs.VestedPUswillbesettledincashattheendof the three-year vesting period or, earlier, upon a change in control of the Company. Beginning with respect to PUs awarded in 2016, the Committee hasdiscretiontosettlePUsincash,sharesoracombinationofboth.2016 Long Term Incentive Targets MultiplesTheCommitteedeterminedthetotalvalueofallRSUsgrantedtoNEOs(basedongrantdatefairvalue)andcash-basedPUsawardedtoNEOs(basedontargetvalue)asamultipleofbasesalarybasedoncomparativemarkeddataprovidedbytheCommittee’scompensationconsultant.TheLTImultiplesforeachNEOin2016wereasfollows.

Executive % Increase/Decrease

from Year End 2015 2016 Target Multiple

(% of Base Salary)Burke Noincrease 450%Butz Noincrease 325%Keller Noincrease 325%Trent Noincrease 300%Brooks Noincrease 275%2016 Long-Term Incentive AwardsIn 2016, the Committee made long-term equity incentive awards to our NEOs with the following grant date fair values for the RSUs and PUs computed inaccordancewithASC718:Executive RSUs* PUs* (a) Burke $ 1,799,989 $ 2,035,688Butz $ 682,495 $ 771,865Keller $ 773,334 $ 874,554Trent $ 599,996 $ 678,563Brooks $ 473,583 $ 535,499* AnnualawardsweregrantedonFebruary25,2016,withRSUsvaluedatthegrantdatefairmarketvalueof$11.49pershareandPUsvaluedattheestimatedgrantdate

fairvalueof$113.09perunitusingaMonteCarlosimulationmodel.(a) ThePUsgrantedin2016maybesettledincashorsharesatthediscretionoftheCompensationCommittee,andthevaluethereofwillbedeterminedwithreferenceto

theCompany’sTSRperformancerelativetotheCompany’soffshoredrillingpeergroupmeasuredeachyearandoverthethree-yearperiod.Annuallong-termincentiveawardsaregenerallymadeinthefirstquarterofeachyear.AnyequityawardstonewlyhiredornewlypromotedemployeesbelowtheNEOlevel(otherthanSection16officers)areapprovedbytheCEOandreviewedbytheCommitteeatthenextregularlyscheduledCommitteemeetingonorfollowingtheawarddate.Wehavenotgrantedstockoptionawardsaspartofourannuallong-termincentivecompensationsince2006,otherthanasign-ongrantofoptionsmadetoMr.Rallsin2008whenhebecameourCEOandaspecialretentiongrantofoptionsmadetoDr.BurkeinFebruary2017.WehavenotgrantedSARsaspartofourannualmixoflong-termincentiveawardssince2013.


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Performance Results and Achieved ValuesFortheperformanceperiodlistedbelow,theCompany’srelativeTSRrank,percentageoftargetandvalueperPUwasasfollows:Performance Period Ending Relative TSR Rank Percentage of Target Value per PU OneyearendedDecember31,2014 2ndof7 190% $ 47.52OneyearendedDecember31,2015 1stof7 200% $ 50.00OneyearendedDecember31,2016 2ndof7 175% $ 43.81ThreeyearsendedDecember31,2016 1stof7 200% $ 50.00Any amounts achieved with respect to PUs will be payable if andwhen the PUs vest at the end of the applicable three-year cliff vesting period. Under theCompany’sretirementpolicy,sinceMr.Kellerhasreached60yearsofageandhasfiveyearsofservice,Mr.Keller’sPUsgrantedin2014,2015and2016havevestedand,subjecttosatisfactionoftheperformanceconditions,willbepaidattheendoftheapplicablethree-yearcliffevenifheisnolongeremployedbytheCompanyatthosedates.2016 – 2018 PU Grants. Theactualandpotentialvalueofthe2016-2018PUsisshownbelow:

2016 2017 2018 2016 to 2018Actual Amount Potential Amount Potential Amount Potential AmountAchievedperPU AchievedperPU AchievedperPU AchievedperPU

$43.81 $0 - 50 $0 - 50 $0 - 502015 – 2017 PU Grants. Theactualandpotentialvalueofthe2015-2017PUsisshownbelow:

2015 2016 2017 2015 to 2017Actual Amount Actual Amount Potential Amount Potential AmountAchievedperPU AchievedperPU AchievedperPU AchievedperPU

$50.00 $43.81 $0 - 50 $0 - 50 2014 – 2016 PU Grants. Theactualandpotentialvalueofthe2014-2016PUsisshownbelow:

2014 2015 2016 2014 to 2016Actual Amount Actual Amount Actual Amount Actual AmountAchievedperPU AchievedperPU AchievedperPU AchievedperPU

$47.52 $50.00 $43.81 $50.00PaymentstoNEOswithrespecttothe2014-2016PUsareasfollows.TheseamountswerepaidinMarch2017attheendofthethree-yearcliffvestingperiod.

Officer

Total Aggregate Payout for 2014-2016

PUs (a) Burke $ 3,033,346Butz(b) $ —Keller $ 1,422,921Trent $ 962,581Brooks $ 867,299(a) Basedontotal2014-2016performanceperiodsresultinginanaggregatepayoutperPUof$191.33.(b) Mr.ButzjoinedtheCompanyinDecember2014andthereforedidnotreceiveaPUawardin2014.

2017 Retention AwardsInlightofDr.Burke’soutstandingperformanceandleadershipduringhistenureasCEOandtheCompany’soutstandingperformancerelativetoitspeersduringthe prolonged downturn in the offshore drilling industry, the Board approved one-time long-term equity awards to Dr. Burke to further align his stake in theCompanywiththatofourshareholders. OnFebruary22,2017,Dr.Burkereceivedagrantvalueofapproximately$5millioninRSUsandapproximately$2.5millioninoptions.Bothawardscliffvestinfouryearsandtheoptionshaveasevenyearexerciseterm.Mr.Butzalsoreceivedaone-timeretentionawardonFebruary22,2017equalto150%ofhisLTItarget,orapproximately$2.05millioninRSUsthatcliffvestonthefourthanniversaryofthegrant.TheCompensationCommitteefeltsuchawardwasappropriateinlightofMr.Butz’outstandingaccomplishmentssincejoiningtheCompanyin2014andinordertoincreaseMr.Butz’ownershipstakeintheCompanycomparablywithhispeerexecutives.


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BenefitsWeofferavarietyofhealth,welfareandretirementprogramstoalleligibleemployees,includingourNEOs.TheNEOsgenerallyareeligibleforthesamebenefitprogramsonthesamebasisastherestofthebroad-basedemployeeswhoworkintheUnitedStates.ProgramswhichprovideadifferentlevelofbenefitsforNEOsaredetailedbelowbutgenerallyincludeanannualphysicalprogram,long-termdisability,abenefitrestorationplanandtaxpreparationservicesforofficersofRowanCompaniesplc.Programsandpoliciesinclude:• Medical,dentalandvision; • Flexiblespendingaccounts; • Shortandlong-termdisability; • Lifeinsurance,accidentaldeathanddismemberment; • Savingsplan(401(k)plan); • Pensionplan; • Benefitrestorationplan(RowanSERPbelow)(eachoftheNEOsreceivesincrementalretirementbenefitstorestorebenefitslostduetoIRSlimits);and • Retireemedicalandlifeinsurance(ifhiredbeforeJanuary1,2008andatleastage50asofJanuary1,2016).The Company’s long-term disability program provides continuation of a percentage of the NEO’s base pay until Social Security Normal Retirement Age ifdisabilitylastslongerthan90days.Thelong-termdisabilitybenefitpays66.67%ofincomereplacementforcertainexecutives,includingtheNEOs,upto$15,000per month until Social Security Normal Retirement Age or recovery. The benefit is provided to executives tax-free since imputed income is included in theexecutive’sgrossearnings.TheCompany’sgenerallyavailabledefinedcontributionplan(the“SavingsPlan”or401(k)plan)providesacashcompanymatchofupto100%ofthefirst6%ofeligiblesalarycontributedbytheemployee,includingexecutives.TheCompanyalsoprovidesadefinedbenefitplan(the“PensionPlan”)generallyavailabletoemployees,includingexecutives.ThebenefitrestorationplanofRowanCompanies,Inc.(the“RowanSERP”)providesadditionalretirementbenefitaccrualopportunityforNEOstomitigatetheeffectsof legal limitationsonretirement benefits under theSavingsPlanandthePensionPlan. Pleasesee“PensionBenefits” for further discussionof theseplans.• TaxEqualizationProgram.TheCompanyrecognizesthatduetotheCompany’sglobalbusinessandcorporatelegalstructure,certainemployees,includingNEOs,travelingextensivelytoregionsofoperationsand/orservingasanofficerordirectorofcertainforeignlegalentitiesmayincuradditionalandvaryingtaxliabilitiesinforeignjurisdictionswhicharedirectlyattributabletotheindividual’spositionswiththeCompany.Likeournon-rotationalpersonnelwhohaveaforeign tax obligation due to the nature of the individual’s position with the Company, NEOs may be eligible for tax equalization payments under theCompany’s tax equalization program so that the NEOdoes not incur significantly different tax consequences compared to if he or she had been whollysubjecttohisorherhomecountrytaxes.In2016,notaxequalizationpaymentsweremadetoanyNEOs.

• Tax preparation services . As with our employees who work outside of their home country, the Company provides host country tax return preparationservicestoNEOswhoarerequiredtofileaU.K.taxreturn.FeespaidbytheCompanyfortheseservicesareapproximately$1,500foreachNEO.

Limited PerquisitesTheCompanygenerallyprovidesonlylimitedperquisitesandotherpersonalbenefitstoNEOswhichtheCompanyandtheCommitteebelievearereasonableandconsistentwithitsoverallcompensationprogram.Executivesareprovidedwiththefollowingperquisites:• Use of club membership for one NEO . The Company pays the annual membership fees for country clubs for our Executive Vice President, BusinessDevelopmenttouseforappropriateentertainmentofcustomersforbusinesspurposes.NootherNEOreceivessuchabenefit.

• Executivephysicals.Executivephysicalsasaperquisitewerediscontinuedbeginningin2016.Clawback ProvisionsAllequityandcashawards,includingbonuspaymentsundertheCompany’sannualincentiveplan,aresubjecttoclawbackprovisionsthatprovide,ifwithinfiveyearsofthegrantorpaymentofanawardundertheplan,(1)ourreportedfinancialoroperatingresultsaremateriallyandnegativelyrestatedor(2)aparticipantengages in conduct which is fraudulent, negligent or not in good faith, and which disrupts, damages, impairs or interferes with the business, reputation oremployeesoftheCompanyoritsaffiliates(asdeterminedinthesolediscretionoftheCommittee),thenineachcasetheCommitteemay,initsdiscretion,seektorecoupalloraportionofsuchgrantorpayment.Inaddition,newgrantswillbesubjecttotherequirementsof(i)Section954oftheDodd-FrankWallStreetReformandConsumerProtectionAct(regardingrecoveryoferroneouslyawardedcompensation)andanyimplementingrulesandregulationsthereunderifandwhenadopted,(ii)similarrulesunderthelawsofanyotherjurisdictionand(iii)anyotherpoliciesadoptedbytheCompanytoimplementanyclawbackprovisions,alltotheextentdeterminedbytheCompanyinitsdiscretiontobeapplicabletotheparticipant.


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Share Ownership GuidelinesTheBoardbelievesthateachdirectorandkeyexecutiveofficershouldhaveasubstantialpersonalinvestmentintheCompany.Thepolicyisdesignedtosatisfyanindividualexecutive’sneedforportfoliodiversification,whilemaintainingmanagementshareownershipatlevelshighenoughtoassureourshareholdersofmanagement’scommitmenttovaluecreation.NEOsanddirectorsarerequiredtoadheretothefollowingshareownershipguidelines: Position Value to be RetainedCEO 5xbasesalaryOtherNEOs 3xbasesalaryNon-ExecutiveDirectors 5xannualretainer To facilitate implementation of these guidelines, an officer is required to retain 35% of “available shares” received pursuant to equity grants until his or herownership guideline is met, at which time the retention level is reduced to 15% until he or she has exceeded the applicable ownership guideline by 200%.Thereafter, thereisnoretentionrequirementunlessanduntil hisorherownershipdrops(a)belowtheguideline,atwhichtimethe35%retentionrequirementwouldapplyagainor(b)betweentheguidelineand200%oftheguideline,atwhichtimethe15%retentionwouldapplyagain,untilsuchownershipguidelinesareachieved.Theretentionrequirementdoesnotapplyonceanofficerhasreachedage60.“Availableshares”aresharesremainingafter: (i) thepaymentofanyexercisepriceandthepaymentofanyapplicabletaxes, (ii) thevestingofrestrictedsharesorRSUsandthepaymentofanyapplicabletaxes,feesorcommissions,and (iii) theearnoutofanyperformanceawards,ifsettledinshares,andthepaymentofanyapplicabletaxes,feesorcommissions. Sharesownedoutright(i.e.,vested)andsharesheldinapensionorotherdeferredcompensationplanareincludedfordeterminingvalue,butunvestedsharesandunexercisedSARsandoptionsdonotqualify.Ournon-executivedirectorshavefiveyearstomeettheguideline,andownershipofrestrictedsharesandRSUscountstowardsuchretention.AsofDecember31,2016,NEOsanddirectorswereeitherincompliancewiththeshareownershipguidelinesorwithintheapplicableretentionorgraceperiods.

Severance ArrangementsWedonothaveanyemploymentagreementsorseverancearrangementswithourNEOs,otherthancertainagreementsrelatedtoachangeincontroldescribedbelow.ForpensionandbenefitrestorationplanbenefitspayabletoourNEOsasofDecember31,2016uponavoluntarytermination,involuntaryterminationorachangeofcontrol,pleaseseethe“PotentialPost-EmploymentPaymentTable.”Change in Control Arrangements .EachofourNEOsandcertainotherofficershavechangeincontrolagreements(“CICagreements”)whichprovidethat,inthe event the employment of the executive officer is terminated or modified under certain circumstances during the remaining term of the applicable CICagreement(whichgenerallyprovidefortwo-yearterms)andfollowinga“changeincontrol”oftheCompany(so-called“doubletrigger”agreements),theexecutiveofficerswouldbeentitledtothefollowing: Burke Keller Butz Trent BrooksCashSeverance 2.99 times

(BaseSalary&HigherofTargetBonusor3-YearAverageBonus)

2 times (BaseSalary&HigherofTargetBonusor3-YearAverageBonus)




Bonus Pro-RataBonusforYearofTermination

(basedonactualperformance)

Pro-RataBonusforYearofTermination








Equity VestUponCIC VestUponCIC VestUponCIC VestUponCIC VestUponCICAmountsForfeitedunderTax-QualifiedPlans

Health&WelfareBenefitContinuation

36Months 24Months 24Months 24Months 24Months

OutplacementServices

$25,000 $25,000 $25,000 $25,000 $25,000

ExciseTaxProvisions BetterofScalebacktoSafeHarbororFull

Payment

BetterofScalebacktoSafeHarbororFull

Payment**


Payment


Payment


Payment

** Mr.Keller’sCICagreementwithanexcisetaxgross-upterminatedinApril2016andwasreplacedwithanewCICwithoutthegrossupprovision.


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No excise tax gross-ups . Allexcisetaxgross-upprovisionsterminatedinApril2016.NoneoftheCICAgreementscontaintaxgross-ups.TheCICagreementsinclude“bestpay”provisionsunderSection280GoftheU.S.InternalRevenueCodeunderwhichtheamountofanypaymentsthatwouldotherwiseconstituteparachutepaymentswillbereducedtotheextentnecessarytoavoidtheimpositionofanyexcisetax,unlessprovidingtheexecutivewiththefullamountofsuchpayments(aftertakingintoaccountanyexciseandothertaxes)willresultinagreaterpaymentamounttotheexecutive(inwhichcasetheexecutivewillreceivethefullamountofsuchpayments).AlloftheCICagreementsalsoprovidethatequityawardsheldbytheofficerwillbecomefullyvestedandexercisableuponachangeincontrol.ShareoptionsandSARswillbeexercisableuntiltheearlierofthesecondanniversaryofthechangeincontrolortheexpirationoftheoriginalexerciseperiod,andPUswillbepaidoutatthehigheroftheanticipatedpayoutorthetargetvalueoftheaward.SetforthbelowarethepaymentsthatwouldbemadetoeachlistedexecutiveundertheexistingCICagreementsandthetermsofoutstandingincentiveawardagreementsintheeventhisorheremploymentwasterminatedormodifiedfollowingachangeincontroloftheCompany.ThepaymentslistedbelowassumeaterminationdateofDecember31,2016. Economic Value of Parachute Payments (a) Payments Burke Butz Keller Trent Brooks CashSeverance $ 4,991,322 $ 1,781,535 $ 1,832,383 $ 1,460,403 $ 1,264,456Bonus(b) 990,000 363,825 412,252 346,500 255,741ShareAppreciationRights(c) — — — — —RestrictedShares/UnitsandDividends(d) 4,367,924 1,825,210 1,886,402 1,452,272 1,154,804PerformanceUnits(e) 7,760,506 1,792,382 3,453,905 2,538,301 2,111,092ForfeitedQualifiedAccountBalance — 36,485 — — —BenefitContinuation 38,859 25,906 25,906 9,508 18,371OutplacementServices 25,000 25,000 25,000 25,000 25,000Total CIC Payments before Gross-Up or Reduction $ 18,173,611 $ 5,850,343 $ 7,635,848 $ 5,831,984 $ 4,829,464 ReductiontoAvoidExciseTax — — (475,001) — —ExciseTaxGross-Up N/A N/A — N/A N/ATotal Payments $ 18,173,611 $ 5,850,343 $ 7,160,847 $ 5,831,984 $ 4,829,464

(a) EquitypaymentsarebasedontheclosingmarketpriceoftheCompany’ssharesonDecember31,2016of$18.89.

(b) Thebonusamountswerecalculatedassumingperformancewasat137.5%oftarget,whichwastheestimateasofDecember31,2016.

(c) Noshareappreciationrightswerein-the-moneyasofDecember31,2016.

(d) Representsthegrossvalueofrestrictedshareunits(RSUs)forwhichvestingwouldbeacceleratedupontheCIC.However,theseamountsinclude$1,886,402relatedtoRSUsheldbyMr.KellerthatarevestedasaresultoftheCompany’sretirementpolicyregardingequityawards.

(e) RepresentsthegrossvalueofunvestedPUsupontheCIC.However,theseamountsinclude$2,487,230relatedtoPUsforMr.Kellerforwhichthemeasurementperiodhadlapsedandnoincrementalbenefit(otherthanacceleratingthetimingofpayment)wouldberealizeduponachangeincontrolasaresultoftheCompany’sretirementpolicyregardingsuchawards.

Policy for Vesting of Awards upon RetirementTheBoardapprovedapolicy, effectiveMarch6, 2013for awardsmadeonor after that date, wherebyuponretirement fromtheCompany, certain long-termincentiveawardsgrantedmorethansixmonthspriortotheretirementdateandheldbyanemployee,includingaNEO,whohasreachedage60withfiveyearsofconsecutiveservicewillbeacceleratedtotheretirementdate.BeginningwithawardsgrantedinFebruary2017, theBoardmodifiedtheretirementpolicysuchthat RSUswill continuetovest andbesettledontheregularvestingschedulesetforthintheapplicableawardnotice(asopposedtouponretirementdate)andPUswillbepro-ratedforperiodemployedandpaidontheregularpaymentdate.ThevestingaccelerationmaybesubjecttoanyconditionsorlimitationsastheCommitteemaydeterminewithrespect tospecificawards,suchasretirementnotificationrequirements,post-terminationcovenantsrelatingtonon-competitionornon-solicitationofemployeesorcustomers.TheCommitteemaydetermineinitssolediscretionwhetherthepolicywillapplytoanyaward.TheCommitteemayterminate,amendormodifythepolicywithrespecttofutureawardsatanytime.


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Program Process and AdministrationOur Compensation CommitteeIn2016,allofthemembersoftheCommitteewereindependentdirectors:• ThomasR.Hix(Chair) • SirGrahamHearne • JackB.Moore • SuzanneP.Nimocks • JohnJ.Quicke TheChairman,withinputfromtheotherCommitteemembers,directstheagendaforeachmeetingoftheCommitteeandseeksinputfrommanagementandtheCommittee’sindependentcompensationconsultants.Typically, the Company gathers information requested by the Committee and management makes recommendations with respect to certain compensationmattersandensuresthattheCommitteemembersreceivematerialsinadvanceofameeting.TheChairmanusuallyinvitestheCEO,CFO,GeneralCounsel,DirectorofCompensationandcompensationconsultantstoattendtheCommitteemeetings.Asneeded,membersofmanagementareexcusedfrommeetingstopermittheCommitteetomeetalonewithitsadvisorsandinexecutivesession.Role of the Independent Compensation ConsultantsTheCommittee retains independent compensationconsultants to assist in the continual development and evaluation of compensation policies, the reviewofcompetitive compensation information and the Committee’s determinations of compensation levels and awards. A representative from our compensationconsultants attends Committee meetings, meets with the Committee without management present and provides third-party data, advice and expertise onproposed executive and director compensation and plan designs. At the direction of the Committee, the compensation consultants review managementrecommendationsandadvisetheCommitteeonthemattersincludedinthematerials,includingtheconsistencyofproposalswiththeCommittee’scompensationphilosophyandcomparisonstoprogramsatothercompanies.AttherequestoftheCommittee,thecompensationconsultantsalsopreparetheirownanalysisofcompensation matters, including positioning of programs in the competitive market and the design of plans consistent with the Committee’s compensationphilosophy.Since2010,theCommitteehasengagedFWCookasitsindependentcompensationconsultantforadviceonallexecutiveanddirectorcompensationmatters.FWCookisheadquarteredinNewYork,NewYorkandprovidesindependentcompensationadvicetocompaniesintheFortune500.FWCookdoesnotprovideotherservicesonbehalfofexecutivemanagementorotherwisetotheCompany.TheCommitteehasalsoengagedFITasitsindependentU.K.compensationconsultantforadviceonallU.K.relatedcompensationmattersbeginningin2012whentheCompanybecameaU.K.company.FITisheadquarteredinLondon,EnglandandprovidesindependentcompensationadvicetoFTSE100companies.FITdoesnotprovideotherservicesonbehalfofexecutivemanagementorotherwisetotheCompany.AfterreviewandconsultationwithFWCookandFIT,theCommitteedeterminedthateachofFWCookandFITareindependentasrequiredunderNYSErulesandthereisnoconflictofinterestresultingfromretainingeitherFWCookorFITcurrentlyorduringtheyearendedDecember31,2016.Role of CEO in Compensation DecisionsTheCEOperformsthefollowingfunctionsinourcompensationdecisionprocess:• Recommends,basedonmarketdata,compensationfortheNEOs,otherthanhimself; • Withthemanagementteam,developsrigorousfinancial,operationalandstrategicgoalstobeconsideredbytheCommitteefortheannualincentiveplan;and

• Approvesothercompensationorpersonnelmattersincluding: – Changesincompensationtonon-NEOs; – Aggregatepayoutlevelsforcorporateandregionalannualincentiveplansrelatedtonon-NEOs;

– Levels of equity awards for executives below the NEO level (other than Section 16 officers) and for key non-officer employees under our long-termincentiveplan;and

– Agreementsorarrangementsrelatingtothetermsofemployment,continuedemploymentorterminationofemploymentwithrespecttocertainemployeesbelowtheNEOlevel.

After review of the CEO’s recommendations and a review of compensation data presented to the Committee, the Committee makes its own assessmentregardingcompensationforeachNEOandequityawardsforSection16officers,andseeksBoardratification,asappropriate.TheChiefExecutiveOfficerisnotinvolvedinanypartofthesettingofanycomponentofhisowncompensation.Role of Shareholder Say-on-Pay Votes

TheCompanyprovidesitsshareholderswiththeopportunitytocastanannualadvisoryvoteonNEOcompensation(a“U.S.say-on-payproposal”).AtourannualgeneralmeetingofshareholdersheldinApril2016,asubstantialmajorityofthevotescastontheU.S.say-on-payproposal(approximately96%)werevotedinfavor of the proposal. The Committee believes that this is an overall endorsement by the shareholders of our approach to NEOcompensation, and did notchangeitsapproachmateriallyin2016.TheCommitteewillcontinuetotakeintoaccounttheoutcomeofoursay-on-payvoteswhenmakingfuturecompensationdecisions,includingtheoutcomeoftheshareholders’advisoryvoteontheU.K.statutoryImplementationReport.


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Indemnification AgreementsTheCompanyhasenteredinto indemnificationarrangements with eachof theNEOs(other thanMr. Brookswhois anofficer of RowanDelaware) andnon-executivedirectors(aswellascertainotherofficersoftheCompany).Inaddition,thepriorexistingindemnificationagreementswithRowanDelawareremaininplace.TheformofsuchagreementshasbeenfiledwiththeSEC.TheseagreementsprovidefortheCompanyto,amongotherthings,indemnifytheindividualagainst certain liabilities that mayarise by reason of his or her status or service as a directoror officer, to advance expenses incurred as a result of certainproceedingsandtocoverhimorherunderourdirectors’andofficers’liabilityinsurancepolicy.TheseagreementsareintendedtoprovideindemnificationrightstothefullestextentpermittedunderU.K.andDelawarelawandunderourgoverningdocumentsandthoseofRowanDelaware.

Accounting for Share-Based CompensationWeaccountforshare-basedcompensation,includinglong-termincentiveawardssuchasrestrictedstockawards,restrictedshareunitsandperformanceunits,inaccordancewithASC718.

Tax ImplicationsSection162(m)oftheU.S.InternalRevenueCodegenerallylimitsthedeductibilityofexecutivecompensationpaidbyapubliclyheldcorporationtoitsCEOandthethreeotherhighestpaidexecutiveofficers(excludingtheCFO)to$1millionperyearforfederalincometaxpurposes,unlessthecompensationqualifiesas“performance-based”compensationasdescribedinSection162(m)andrelatedDepartmentofTreasuryRegulations.WherereasonablypracticableandtotheextentthattheSection162(m)deductiondisallowancebecomesapplicabletoourNEOs,theCommitteemayseektoqualifythevariablecompensationpaidtoourNEOsforanexemptionfromsuchdeductibilitylimits.InapprovingtheamountandformofcompensationforourNEOs,theCommitteewillconsiderallelementsofthecosttousofprovidingsuchcompensation,includingthepotentialimpactofSection162(m).However,theCommitteemay,initsjudgment,authorizethecompensationpaymentsthatdonotcomplywithanexemptionfromthedeductibilitylimitinSection162(m)whenitbelievesthatsuchpaymentsareappropriatetoattractandretainexecutivetalent.


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EXECUTIVE COMPENSATIONSummary Compensation TableThefollowingtablesummarizesexecutivecompensationreceivedbyourNEOsfortheapplicableyears.

Name and Principal Position Year

Salary $ (1)

Bonus $ (2)

Share Awards

$ (3)

Option Awards/

SARs $ (4)

Non-Equity Incentive PlanCompensation

$ (5)

Change in Pension Value

and Nonqualified Deferred

Compensation Earnings $ (6)

All Other Compensation

$ (7)Total

$Thomas P. Burke 2016 760,000 270,000 3,835,677 — 810,000 218,263 42,618 5,936,558President&CEO(8) 2015 800,000 305,000 3,724,278 — 915,000 113,620 28,330 5,886,228 2014 735,886 194,983 3,245,501 — 584,948 179,810 11,515 4,952,643Stephen M. Butz 2016 399,000 99,225 1,454,360 — 297,675 82,900 20,634 2,353,794EVP,CFO 2015 420,000 117,692 1,412,124 — 353,076 54,953 18,940 2,376,785 2014 35,000 300,000 326,550 — — — — 661,550Mark A. Keller 2016 452,109 112,432 1,647,888 — 337,297 181,798 67,472 2,798,996EVP,Business 2015 475,904 127,007 1,600,135 — 381,021 79,452 47,693 2,711,212Development 2014 471,328 105,354 1,560,096 — 316,060 324,757 28,408 2,806,003

Melanie M. Trent 2016 380,000 94,500 1,278,559 — 283,500 95,855 26,117 2,158,531EVP,CAO&GC 2015 400,000 112,088 1,241,447 — 336,263 28,681 22,672 2,141,151 2014 359,350 70,052 1,053,813 — 210,156 119,878 15,600 1,828,849T. Fred Brooks 2016 327,210 893,748 1,009,082 — 209,243 149,877 23,718 2,612,878EVP,Operations& 2015 344,432 82,728 980,017 — 248,185 51,858 23,529 1,730,749Engineering 2014 340,724 65,356 950,869 — 196,069 56,485 17,830 1,627,333

(1) Salary (column 1) Amounts reflect basesalary earnedbyour NEOsduringtheapplicable year. In light of thesustaineddeclinein market conditions in theoffshoredrillingindustry,theCompany’songoingcostcontrolefforts,andtoshowgoodfaithwiththeCompany’sshareholdersandemployees,eachNEOvoluntarilytooka10%reductioninbasesalaryeffectiveJuly1,2016.

(2) Bonus (column 2) AmountsreflecttheportionofannualcashawardspaidtoourNEOspursuanttothediscretionaryportionoftheAIP.Suchpaymentsreflectamountsachieved for performance of strategic objectives in that year which are generally paid in March of the following year. For a description of the 2016 AIP, please see“AnnualIncentiveCompensation.”ForMr.Brooks,theamountalsoincludesaone-timecashretentionbonusof$824,000thatwasawardedinAugust2013inordertoretainMr.BrooksduringtheCompany’sconstructionofitsultra-deepwaterdrillshipfleetandinitialentryintodeepwateroperations.ThisawardcliffvestedonthethirdanniversaryofthegrantdateandwaspaidinAugust2016.

(3) Share Awards (column 3) Foraccountingpurposes,grant-datefairvaluesforRSUsandPUawardsaremeasuredunderASC718usingthemarketvalueofourshareson the grant date and the estimated probable payout on the date of grant, respectively, as described in Note 9 of the Notes to Consolidated Financial StatementsincludedinourAnnualReportonForm10-K.Asaresult,PUsarereportedintheshareawardscolumnbasedontheirestimatedgrantdatefairvalueof$113.09usingtheMonteCarlosimulationmodel.

ActualcashpaymentspaidtoNEOswithrespecttothe2014-2016PUswiththeperformanceperiodendingDecember31,2016aredisclosedonpage46.

Theamountsdisclosedinthiscolumnrepresenttheaggregategrant-datefairvalueofRSUsandPUsgrantedduring2016asfollows:

NEO Number of

RSUs

Grant Date Value of RSUs ($)

Grant Date Value per

RSU ($) Number of

PUs

Grant Date Value of PUs

($)

Grant Date Value per

PU ($) Total

Value ($)Burke 156,657 1,799,989 11.49 18,000 2,035,688 113.09 3,835,677Butz 59,399 682,495 11.49 6,825 771,865 113.09 1,454,360Keller 67,305 773,334 11.49 7,733 874,554 113.09 1,647,888Trent 52,219 599,996 11.49 6,000 678,563 113.09 1,278,559Brooks 41,217 473,583 11.49 4,735 535,499 113.09 1,009,082

Forinformationregardingamountsachievedin2016withrespecttoPUs,pleaseseepage56.

(4) Option Awards / SARs (column 4) TheCompanydiscontinuedgrantingoptionawardsandSARsaspartofannuallong-termincentiveprogram.However,fromtimetotime,theCompanymaygrantretentionawardsintheformofoptions.

(5) Non-Equity Incentive Plan Compensation (column 5) AmountsreflecteachNEO’spayoutunderthemetricsportionoftheAIP(non-discretionaryportion)baseduponthelevelofachievementofourpre-establishedfinancial,operationalandstrategicmetrics.SuchpaymentsreflectamountsachievedforperformanceintheapplicableyearwhicharegenerallypaidinMarchofthefollowingyear.Foradescriptionofthe2016AIP,pleasesee“AnnualIncentiveCompensation.”

(6) Change in Pension Value and Nonqualified Deferred Compensation Earnings (column 6) Amountsreflecttheaggregateincreaseintheactuarialpresentvalueofaccumulatedretirementplanbenefits.TheCompanydoesnothaveanon-qualifieddeferredcompensationplan.Seethe“PensionBenefitsTable”and“PotentialPost-EmploymentPaymentTable”andrelateddisclosureforfurtherinformationregardingNEOretirementbenefits.


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(7) All Other Compensation (column 7) Allothercompensationfor2016includedthefollowingamounts:

Name

Company Contributions to

Savings Plan ($) (a)

Dividend Payments on RS and RSUs

vesting in 2016 ($) (b)

Tax Preparation Services

($)

Other Compensation

($) (c) Total

($)Burke 15,900 25,218 1,500 — 42,618Butz 15,900 3,234 1,500 — 20,634Keller 15,900 12,772 1,500 37,300 67,472Trent 15,900 8,717 1,500 — 26,117Brooks 15,900 7,818 — — 23,718

(a) AmountsreflectmatchingcontributionsmadebytheCompanyonbehalfofeachNEOin2016totheSavingsPlan.

(b) Amounts reflect dividend payments to NEOs during 2016 with respect to restricted shares and RSUs which vested during 2016. Each restricted share and RSUawardedtoemployeesisgrantedintandemwithacorrespondingdividendequivalentwhichentitlestheemployeetoreceiveanamountincashequaltoanycashdividends paid by the Company with respect to the underlying shares. Dividend equivalents are payable as and when the restricted shares or RSUs vest. AnydividendequivalentamountsareforfeitedifthecorrespondingrestrictedsharesorRSUsareforfeitedordonotvest.

(c) AmountforMr.Kellerincludesapproximately$24,300induespaidbytheCompanyformembershiptocountryclubsusedprimarilyforbusiness.Theentireamounthasbeenincluded,althoughwebelievethatonlyaportionofthiscostrepresentsaperquisite.AlsoincludesexpensespaidbytheCompanyrelatedtospouseandfamilyattendanceatbusinessrelatedentertainmenteventswhichcombinedwiththeclubduesforMr.Kelleraggregatemorethan$10,000.Allotherindividualshadeithernoperquisitesorperquisitesbelowthereportingthreshold.

TherewerenotaxequalizationpaymentsmadetoNEOsin2016.Executivephysicalsasaperquisitewerediscontinuedbeginningin2016.


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2016 Grants of Plan-Based AwardsThefollowingtableshows,withrespecttoourNEOs:• theestimatedrangeofcashpayoutsforthe2016AIP, • thepotentialestimatedrangeofcashpayoutswithrespecttothePUsawardedin2016andtheirgrantdatefairvalues,and • theactualnumberofRSUsgrantedduring2016andtheirrespectivegrantdatefairvalues. Estimated Future Payouts, All Other Under Non-Equity Incentive Plan Estimated Future Payouts Under Option Awards (a) Equity Incentive Plan Awards (b) All Awards Grant Date

Name Type of

Award Grant Date Threshold

($) Target

($) Maximum

($) Threshold

($) Target ($) Maximum

($)

Other Share Awards

(number of shares) (c)

(number of securities

underlying options) (d)

Fair Value of Share Units and Option

Awards ($) (e)

Burke AIP — 400,000 800,000 1,600,000 PUs 2/25/2016 594,000 1,800,000 3,600,000 2,035,688 RSUs 2/25/2016 156,657 1,799,989Butz AIP — 147,000 294,000 588,000 PUs 2/25/2016 225,225 682,500 1,365,000 771,865 RSUs 2/25/2016 59,399 682,495Keller AIP — 166,566 333,133 666,266 PUs 2/25/2016 255,189 773,300 1,546,600 874,554 RSUs 2/25/2016 67,305 773,334Trent AIP — 140,000 280,000 560,000 PUs 2/25/2016 198,000 600,000 1,200,000 678,563 RSUs 2/25/2016 52,219 599,996Brooks AIP — 103,330 206,659 413,318 PUs 2/25/2016 156,255 473,500 947,000 535,499 RSUs 2/25/2016 41,217 473,583(a) Theamountsdisclosedreflectthethreshold(50%),target(100%)andmaximum(200%)possiblecashbonuspayoutsundertheCompany’sAIP(AnnualIncentivePlan)

thatpotentiallycouldhavebeenachievedbytheNEOsfor2016basedonbasesalariesandAIPtargetpercentagesapprovedinFebruary2016andtheachievementofperformancegoalsunderour2016AIP.TheamountsactuallyachievedbyourNEOsunderthe2016AIPwerepaidinMarch2017andaredisclosedonpage43.

Ifthethresholdfortheyearisnotmet,nobonuswillbepaidonthatcomponent.Paymentsarecalculatedusingstraight-lineinterpolationforperformancebetweenthethresholdandtargetandbetweenthetargetandmaximumforeachcomponent.

(b) ReflectsthegrantdaterangeofcashpayoutsthatpotentiallycouldbeachievedwithrespecttothePUsgrantedin2016dependingonTSRperformancerelativetoourpeergroupovertheapplicableperformanceperiods.TheactualfinalvalueiscalculatedbyinterpolatingtheresultsofourTSRrelativetoourpeergroupfinishingjustaboveandjustbelowus.NopayoutismadeunlesstheCompanyreachesthe33%thresholdlevel.EachPUhasatargetvalueof$100,andamountspayableinrespectofeachvestedPUrangefrom$0to$200dependingonourrelativeTSRperformance.

PleaseseeCD&AforinformationregardingthePUsandtherelatedperformancemeasuresandNote3tothe“SummaryCompensationTable”forPUsawardedtoeachNEOin2016.WithrespecttothePUsawardedin2016,theCompany’srelativeTSRrankfortheone-yearperiodendedDecember31,2016wassecondofsevenpeers,resultinginavalueof175%oftarget,or$43.81perPU.Suchamountwillbepayableattheendofthethree-yearcliffvestingperiodtotheextenttheemployeesatisfiesthevestingrequirement.

(c) ReflectsthenumberofRSUsgrantedduring2016toourNEOsunderourincentiveplan.TheawardstoourNEOsvestprorataoverthreeyears.

(d) NoSARsoroptionswereawardedduring2016.

(e) ThedollarvaluesreflecttheaggregategrantdatefairvaluescomputedinaccordancewithASC718.AdiscussionoftheassumptionsusedincalculatingthegrantdatefairvalueissetforthinNote9oftheNotestoConsolidatedFinancialStatementsinourForm10-K.


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Outstanding Equity Awards at December 31, 2016ThefollowingtableshowsthenumberofsharesunderlyingunexercisedshareoptionsandSARs,thenumberofsharesandvalueofunvestedRSUsandthenumberofPUsandvalueofunvestedPUsoutstandingonDecember31,2016forourNEOs. Option/SAR Awards (a) Share/Units Awards

Name

Number of Securities

Underlying Exercisable

Options/ SARs (#)

Number of Securities

Underlying Unexercisable Options/SARs

(#)

Option/ SAR

Exercise Prices ($)

Option/ SARs

Expiration Date

Type of Award

Number of Shares That

Have Not Vested (#)

Market Value of

Shares That Have Not

Vested ($) (b)

Equity Incentive

Plan Awards: Number of

Unearned Units That Have Not

Vested (#) (c)

Equity Incentive

Plan Awards: Market Value or Payout Value of Unearned Units

That Have Not Vested ($) (d)

Burke 26,742 — 42.21 2/25/2021 31,410 — 35.47 3/7/2022 46,659 — 34.35 3/6/2023 RSUs 229,726 4,339,524 2014PU 15,854 3,033,346 — — 2015PU 9,000 1,688,580 9,000 1,800,000 2016PU 4,500 788,580 13,500 2,700,000Butz RSUs 95,963 1,812,741 2015PU 3,412 640,253 3,413 682,600 2016PU 1,706 299,003 5,119 1,023,800Keller 50,130 — 17.39 5/5/2019 32,349 — 27.80 3/5/2020 27,855 — 42.21 2/25/2021 22,596 — 35.47 3/7/2022 33,891 — 34.35 3/6/2023 RSUs 99,198 1,873,850

2014PU 7,437(e) 1,422,921 — —

2015PU 3,868(e) 725,527 3,866 773,200

2016PU 1,933(e) 338,783 5,800 1,160,000

Trent 9,939 — 17.39 5/5/2019 6,414 — 27.80 3/5/2020 5,079 — 42.21 2/25/2021 13,131 — 35.47 3/7/2022 20,529 — 34.35 3/6/2023 RSUs 76,393 1,443,064 2014PU 5,031 962,581 — — 2015PU 3,000 562,860 3,000 600,000 2016PU 1,500 262,860 4,500 900,000Brooks 4,146 — 35.47 3/7/2022 1,278 — 32.58 11/2/2022 20,856 — 34.35 3/6/2023 RSUs 60,727 1,147,133 2014PU 4,533 867,299 — — 2015PU 2,368 444,378 2,369 473,800 2016PU 1,184 207,440 3,551 710,200

(a) AmountsreflectoutstandingSARsgrantedbetweenMay5,2009andMarch6,2013underourlong-termincentiveplans.NoSARshavebeengrantedsince2013.Therewerenounvested options or SARsoutstanding at December 31, 2016.All options andSARsnot exercised expire 10years after the date of grant unless terminatedsoonerpursuanttothetermsoftheapplicableawardagreement.

(b) Themarket valuesset forth inthis columnwithrespect toRSUsequal thenumberof sharesindicatedmultipliedbythefair market valueof oursharesof $18.89onDecember 31, 2016. Market values with respect to PUs represent the aggregate amounts achieved through December 31, 2016 per the terms of the awards andapprovedbytheCompensationCommitteeonJanuary25,2017.


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For the one-year performance period ending December 31, 2016, the Company’s relative TSR rank was second out of seven peers, resulting in a value achieved atapproximately 175% of target, or $43.81 per PU with respect to the 2014-2016 PUs, the 2015-2017 PUs and the 2016-2018 PUs. Additionally, for the three-yearperformanceperiodendingDecember31,2016withrespecttothe2014-2016PUs,theCompany’srelativeTSRrankwasfirstofsevenpeers,resultinginavalueof200%oftarget,or$50.00perPU.Accordingly,theNEOsachievedthefollowingin2016:

Amount achieved in 2016 with respect to PU AwardsNEO 2014-2016 Award 2015-2017 Award 2016-2018 Award Total achieved in 2016 Burke $ 1,487,264 $ 788,580 $ 788,580 $ 3,064,424Butz $ — $ 299,003 $ 299,003 $ 598,006Keller $ 697,665 $ 338,827 $ 338,783 $ 1,375,275Trent $ 471,958 $ 262,860 $ 262,860 $ 997,678Brooks $ 425,241 $ 207,528 $ 207,440 $ 840,209

Amountsachievedwithrespecttothe2014-2016PUswerepaidinMarch2017attheendofthethree-yearcliffvestingperiod.SuchamountstoNEOsaredisclosedonpage46.Withrespecttothe2015-2017and2016-2018PUawards,achievedamountswillbepayableattheendoftheapplicablethree-yearcliffvestingperiodtotheextentthatsuchPUsbecomevested.

(c) ReflectsthenumberofPUsgrantedthathavenotbeenachieved.Twenty-fivepercentofanyyear’sawardmaybeachievedeachyearoverthreeone-yearperformanceperiods, and twenty-five percent may be achieved over the three-year performance period. The number of PUs that have been achieved due to completion of theperformanceperiodsbutnotvestedarepresentedinthecolumnundertheheading“NumberofSharesThatHaveNotVested(#)”.

(d) The amounts shown reflect the payout value of unearned PUs computed at the threshold level, unless the actual cumulative-to-date performance exceeded thethreshold,inwhichcasethenexthigherpayoutlevel(targetormaximum)isused.Actualperformanceforthe2015and2016PUsfortheperformanceperiodsthroughDecember31,2016exceededthetargetsforbothperiods;therefore,unearnedPUsgrantedin2015and2016havebeenvaluedandshowninthetableaboveatthemaximumlevelatDecember31,2016.

(e) WithrespecttoMr.Keller,whowaseligibletoretireduring2014undertheCompany’sretirementpolicy,theforegoingamountswithrespecttothePUsgrantedin2014,2015and2016wereconsideredvestedasoftheirretirementeligibledateandwillbepaidouttoMr.Kellerfollowingtheendoftheapplicablethree-yearcliffperiod.

2016 Option Exercises and Shares VestedThefollowingtableshowsthenumberandvalueofshareoptionsexercisedandsharesvestedduring2016forourNEOs. Option Awards Share Awards

Name

Number of Shares Acquired

on Exercise (#) Value Realized on

Exercise ($)

Number of Shares Acquired

on Vesting (#) Value Realized on

Vesting ($) (a)

Burke — — 52,275 783,604Butz — — 10,782 138,818Keller — — 25,227 385,164Trent — — 18,057 270,494Brooks — — 15,444 235,785

(a) TheamountssetforthinthiscolumnequalthenumberofrestrictedsharesorRSUsthatvestedduring2016multipliedbythefairmarketvalueofoursharesonthedateofvesting.

Pension BenefitsBenefitPlansandPerquisitesAvailabletoNamedExecutiveOfficers Pension Plan •TheTraditionalFormulaofthePensionPlanwasfrozeneffectiveJune30,2009.

•TheCashBalanceFormulaprovidesannualpaycreditsof5%ofeligiblecompensation,uptotheapplicablestatutorylimit,toeligibleemployees.

SERP •TheRowanSERPisdesignedtoreplacebenefitsinthePensionandSavingsPlansthatwouldotherwisenotbereceivedduetotaxcodelimitations.

401(k) Savings Plan • Provides participants with the opportunity to defer a portion of their compensation and receive Company matchingcontributionsofupto6%ofeligiblecashcompensationuptotheapplicablestatutorylimit.

•TheSavingsPlaniscurrentlyavailabletoalleligibleemployeesoftheCompanyanditssubsidiaries.


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Pension Plan WemaintaintheRowanPensionPlan,aqualifieddefinedbenefitplanundertheU.S.InternalRevenueCodeforitsU.S.employees,includingourNEOs.TheRowanPensionPlanisanon-contributoryplanthat isfundedthroughatrust. TheRowanPensionPlanconsistsof threeparts, eachonecorresponding toadifferent pension formula and having numerous other differences in terms and conditions. Employees are eligible for current participation in only one part,generallybasedontimeofhire,althoughanemployeemayalsohaveagrandfatheredfrozenbenefitunderoneormoreparts.Employeesbecomevestedinthetraditionalandcashbalanceformulabenefitsafterthreeyearsofservice. Mr.KellerandMs.Trent(havingbeenhiredpriortoJanuary1,2008)areeligiblefor,andvestedin,benefitsunderthe(i)traditionalformulaand(ii)cashbalanceformula.Dr.BurkeandMr.Brooks(havingallbeenhiredafterJanuary1,2008)areeligiblefor,andvestedin,onlythecashbalanceformula.Mr.Butz(havingbeenhiredafterJanuary1,2008)iseligibleonlyforthecashbalanceformula,buthehasnotyetvestedinthebenefit. Traditional formula . Thetraditional formula was frozen on June 30, 2009 and provides a final average earnings type of pension benefit that is payable atnormalorearlyretirementfromtheCompany.Normalretirementoccursuponterminationonorafterage60;earlyretirementcanoccurasearlyasage40aslongas the employeehasthree years of service. Early retirement benefits are reducedby five percent peryear for eachyear betweenages 50and60andreducedactuariallyforeachyearbetweenages40and50.Mr.KellerwaseligiblefornormalretirementandMs.Trentwaseligibleforearlyretirementattheendof2014. Retirementbenefitsarecalculatedastheproductof1.75%timesyearsofcreditedservicethroughJune30,2009multipliedbythefinalannualeligibleaveragecompensation.Finalannualeligibleaveragecompensationiscalculatedusingthefivehighestconsecutiveyearsinthelast10calendaryearspriortoJune30,2009.Eligiblepensioncompensationforthetraditionalformulagenerallyincludedanemployee’ssalary. Cash balance formula. Thecashbalance formula applies to eligible employees hired onor after January 1, 2008andemployees whosebenefits under thetraditional formula were frozen on June 30, 2009. Normal retirement occurs upon termination on or after age 60. Benefits are not reduced if an employeeterminatesemploymentpriortoage60.Thecashbalanceformulaallowstheemployeetoelecttheformofbenefitpaymentfromafewannuityoptionsorasinglesumpaymentoptionthatareallactuariallyequivalent. Benefitsunderthecashbalanceformulaarebasedonannualpaycreditsandquarterlyinterestcredits(basedonthe10-yearTreasuryrate)toacashbalanceaccountcreatedontheparticipant’shiredate.Annualpaycreditsof5%ofanemployee’sW-2wages,excludingequitycompensation,taxequalizationpaymentsand foreign or other premium adjustments, are provided to all eligible employees. Eligible employees, including the NEOs, who had their traditional formulafrozenonJune30,2009,receiveannualtransitionpaycreditsrangingfrom3%to12%basedoncombinedyearsofageandserviceasofJune30,2009.ThefollowingtablecontainsthetotalannualpaycreditforwhicheachNEOiseligible: NEO Total annual pay creditBurke 5%Butz 5%Keller 14%Trent 5%Brooks 5%

EligiblepensioncompensationunderthetraditionalandcashbalanceformulabenefitsislimitedinaccordancewiththeU.S.InternalRevenueCode.In2016,that limit was $265,000. The U.S. Internal Revenue Code also limits the annual benefit (expressed as an annuity) available under the traditional and cashbalanceformulabenefits.In2016,thatlimitwas$210,000(reducedactuariallyforagesbelow62). SERPWealsomaintain a nonqualified pensionplan, theRowanSERP, that is designedto replacebenefits that would otherwise not bereceiveddueto limitationscontainedintheU.S.InternalRevenueCodethatapplytoqualifiedplans.NEOshiredpriortoJanuary1,2008haveafrozentraditionalformulabenefitundertheRowanSERPthatwasdeterminedbycalculatingthetraditionalformulabenefitundertheRowanPensionPlanwithoutregardtothequalifiedplanlimitsandthenreducingitbytheamountofthetraditionalformulabenefitundertheRowanPensionPlan.ThesebenefitscommencesixmonthsafterterminationandarepaidintheformthattheNEOselectedin2008.All NEOshave a cash balance formula benefit under the RowanSERPthat is determined by calculating the cash balance formula benefit under the RowanPensionPlanwithoutregardtothequalifiedplanlimitsandthenreducingitbytheamountofthecashbalanceformulabenefitundertheRowanPensionPlan.Inaddition,thecashbalancebenefitundertheRowanSERPincludesa6%paycreditoncompensationoverthequalifiedplanlimittomakeupforlimitationsunderourSavingsPlan.Thesebenefitscommencesixmonthsafterterminationandarepaidinasinglesumpayment.


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Pension Benefits TableThetablebelowshowsthepresentvalueofaccumulatedbenefits for eachNEOatDecember31,2016.Wehaveprovidedthepresentvalueof accumulatedbenefitsatDecember31,2016usingadiscountrateof4.31%fortheRowanPensionPlanand4.06%fortheRowanSERP. Number of Present Value Payments Years of Credited of Accumulated During Last Plan Service (#) Benefit($) (a) Fiscal Year($)Burke RowanPension 6 79,445 — RowanSERP 6 613,097 —Butz RowanPension 2 35,711 — RowanSERP 2 102,142 —Keller RowanPension 24 1,292,638 — RowanSERP 24 1,106,945 —Trent RowanPension 11 267,592 — RowanSERP 11 234,225 —Brooks RowanPension 6 79,963 — RowanSERP 6 253,899 —

(a) Ourpensionandotherpostretirementbenefitliabilitiesandcostsarebaseduponactuarialcomputationsthatreflectourassumptionsaboutfutureevents,includinglong-term asset returns, interest rates, annual compensation increases, mortality rates and other factors. A discussion of assumptions is set forth in “Management’sDiscussionandAnalysisofFinancialConditionandResultsofOperations–CriticalAccountingPoliciesandManagementEstimates–Pensionandotherpostretirementbenefits”inourForm10-K.

Potential Post-Employment Payment TableThefollowingtablereflectsbenefitspayableintheeventofvoluntarytermination,involuntaryterminationorachangeincontrolasiftheterminationdatewereDecember31,2016undertheRowanPensionPlanandtheRowanSERP: Frozen Plan benefit Age at Frozen Plan benefit monthly annuity – Cash balance lump Cash balance lump December 31, monthly annuity – starting January 1, sum – starting sum – starting Plan name 2016 starting age 60 ($) 2017 ($) age 60 ($) January 1, 2017 ($)Burke RowanPension 49.27 N/A N/A 124,924 80,576 RowanSERP 49.27 N/A N/A 939,574 606,024Butz RowanPension 45.72 N/A N/A 65,247 36,485 RowanSERP 45.72 N/A N/A 180,332 100,839Keller RowanPension 64.61 5,459 5,459 287,761 287,761 RowanSERP 64.61 1,542 1,542 787,688 787,688Trent RowanPension 52.10 890 538 139,641 101,793 RowanSERP 52.10 N/A N/A 320,774 233,833Brooks RowanPension 59.51 N/A N/A 81,643 79,995 RowanSERP 59.51 N/A N/A 258,928 253,700


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PROPOSAL 2 Advisory Resolution to Approve the Company’sNEO Compensation as Reported in this Proxy StatementIn accordance with Section 951 of the Dodd-Frank Wall Street Reform and Consumer Protection Act and Section 14A of the Exchange Act, we are askingshareholders to approve an advisory vote on our NEO compensation which is described in the “Compensation Discussion and Analysis” and “ExecutiveCompensation”sectionsofthisproxystatement.SHAREHOLDERSAREURGEDTOREADTHE“COMPENSATIONDISCUSSIONANDANALYSIS”SECTIONOFTHISPROXYSTATEMENT,WHICHMORETHOROUGHLYDISCUSSESHOWOURCOMPENSATIONPOLICIESANDPROCEDURESSUPPORTOURCOMPENSATIONPHILOSOPHY.WEBELIEVETHATTHESEPOLICIESANDPROCEDURESAREEFFECTIVEINSUPPORTINGOURCOMPENSATIONPHILOSOPHYANDINACHIEVINGITSGOALS.Wecurrentlyintendtoholdthisvoteannually.InaccordancewiththisdeterminationandSection14AoftheExchangeActandasamatterofgoodcorporategovernance,weareaskingshareholderstoapprovethefollowingadvisoryvoteattheMeeting:

RESOLVED,that theshareholdersof theCompanyapprove, onanadvisorybasis, the2016compensationof theNEOsdisclosedinthe“CompensationDiscussionandAnalysis,”the“SummaryCompensationTable”andtherelatedcompensationtables,notesandnarrativeintheproxystatementforour2017annualgeneralmeetingofshareholders.

Vote RequiredBecausethisvoteisadvisory,itwillnotbebindingupontheBoardortheCompensationCommittee,andneithertheBoardnortheCompensationCommitteewillberequiredtotakeanyaction(orrefrainfromtakinganyaction)asaresultoftheoutcomeofthevoteonthisproposal.TheBoardvaluesshareholders’opinions,andtheCompensationCommitteewilltakeintoaccounttheoutcomeoftheadvisoryvotewhenconsideringfutureexecutivecompensation.Recommendation of the BoardThe Board recommends you vote FOR the advisory approval of the Company’s NEO compensation as reported in this proxy statement (inaccordance with requirements applicable to companies subject to SEC reporting requirements under the Exchange Act).

PROPOSAL 3 Advisory Resolution to Approve the Frequencyof Future Advisory Votes to Approve the Compensation ofNEOsPursuanttoSection14AoftheExchangeAct,notlessfrequentlythaneverysixyears,wearerequiredtoaskshareholderstovoteonwhetherfutureadvisoryvotesonexecutivecompensationshouldoccur(i)everyyear,(ii)everytwoyearsor(iii)everythreeyears.Attheannualmeetingofshareholdersheldin2011,theBoardrecommendedthatholdinganadvisoryvoteonexecutivecompensationeveryyearwasthemostappropriatepolicyfortheCompany.Suchproposalwasapprovedbyshareholdersatthattime.TheBoardhasdeterminedthatcontinuingtoholdanadvisoryvoteonexecutivecompensationeveryyearisthemostappropriatepolicyfortheCompany,andrecommendsthatshareholdersvoteforfutureadvisoryvotesonexecutivecompensationtooccureveryyear.WhiletheCompany’sexecutivecompensationprogramsaredesignedtopromotealong-termconnectionbetweenpayandperformance,theBoardrecognizesthat holding an annual advisory vote on executive compensation provides the Company with more direct and immediate feedback on our compensationdisclosures.However,shareholdersshouldnotethatbecausetheadvisoryvoteonexecutivecompensationoccurswell afterthebeginningofthecompensationyear, andbecausethedifferentelementsofourexecutivecompensationprogramsaredesignedtooperateinanintegratedmannerandtocomplementoneanother,inmanycasesitmaynotbeappropriateorfeasibletochangeourexecutivecompensationprogramsinconsiderationofanyoneyear’sadvisoryvoteonexecutivecompensationbythetimeofthefollowingyear’sannualgeneralmeetingofshareholders.We believe that an annual advisory vote on executive compensation is consistent with our practice of seeking input and engaging in dialogue with ourshareholdersoncorporategovernancemattersandourexecutivecompensationphilosophy,policiesandpractices.Shareholders will beabletospecify oneof four choicesfor thisproposal ontheproxycard: oneyear, twoyears, threeyearsor abstain. Notwithstandingtheoutcomeoftheshareholdervote,theBoardmayinthefuturedecidetoconductadvisoryvotesonalessfrequentthanannualbasisandmayvaryitspracticebasedonfactorssuchasdiscussionswithshareholdersandtheadoptionofmaterialchangestocompensationprograms.


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Vote RequiredBecausethisvoteisadvisory,itwillnotbebindingupontheBoardortheCompensationCommittee,andneithertheBoardnortheCompensationCommitteewillberequiredtotakeanyaction(orrefrainfromtakinganyaction)asaresultoftheoutcomeofthevoteonthisproposal.TheBoardvaluesshareholders’opinionsandwilltakeintoaccounttheoutcomeoftheadvisoryvotewhenconsideringthefrequencyoffutureadvisoryvotes.Recommendation of the BoardThe Board recommends that you vote FOR conducting an advisory vote on the compensation of our NEOs every year.

PROPOSAL 4 Resolution to Approve the Directors’Remuneration PolicyInaccordancewiththeCompaniesAct,shareholdersarevotingtoapprovetheDirectors’RemunerationPolicyincludedinsection2ofPartIIoftheDirectors’RemunerationReportcontainedinAnnexAof theproxystatement whichsetsout theCompany’sforward-lookingpolicyondirectors’ remuneration (includinginformationonpaymentstodirectorsforlossofoffice)anddescribesthecomponentsoftheexecutiveandnon-executivedirectors’remuneration.ThecurrentDirectors’ Remuneration Policy was approved by the Company’s shareholders at the annual general meeting of shareholders on April 25, 2014 withapproximately96.7%ofvotesinfavor.ThatpolicywillbeeffectiveuntilthepolicyproposedatthisMeetingisapprovedbyshareholders.TheBoardbelievesthatthecurrentpolicyhasservedtheCompanywellandonlyminorchangesareproposedforitsrenewal.The proposed Directors’ Remuneration Policy sets forth our policy on directors’ remuneration effective from the date of our Meeting (if approved byshareholders). The shareholder vote on the Directors’ Remuneration Policy will be binding in that once it is approved by shareholders and if it remainsunchanged,theDirectors’RemunerationPolicywillbevalidforuptothreefinancialyearswithoutnewshareholderapprovalbeingrequired.OnapprovaloftheDirectors’RemunerationPolicy,allpaymentsbytheCompanytotheDirectorsandformerdirectors(in theircapacityasdirectors)willbemadeinaccordancewiththeDirectors’RemunerationPolicy,unlessapaymenthasseparatelybeenapprovedbyashareholderresolution.InaccordancewiththeCompaniesAct,theDirectors’RemunerationPolicyhasbeenapprovedbyandsignedonbehalfoftheBoardandwillbedeliveredtotheRegistrarofCompaniesintheU.K.followingtheMeeting.Vote RequiredThis ordinary resolution will be approved if a simple majority of the votes cast are cast in favor thereof, assuming a quorum is present. If the Directors’RemunerationPolicyisnotapprovedattheMeeting,thepreviouspolicyapprovedin2014willcontinueuntilsuchtimeasshareholdersapproveadifferentpolicy.Insuchevent,theCompanymayhavetoincuradditionalexpensetoholdadditionalshareholdermeetingsuntilanewproposedpolicyisapproved.Recommendation of the BoardThe Board recommends you vote FOR the ordinary resolution to approve the Directors’ Remuneration Policy included in the Director’sRemuneration Report.

PROPOSAL 5 Advisory Resolution to Approve the Directors’Remuneration ReportInaccordancewiththeCompaniesAct,shareholdersarevotingtoapprovetheDirectors’RemunerationReport(orannualreportonremunerationasdescribedintheregulations).ThisproposalissimilartoProposal2regardingthecompensationofourNEOsrequiredunderU.S.law.However,theDirectors’RemunerationReportisconcernedsolelywiththeremunerationofourexecutiveandnon-executivedirectorsandisrequiredundertheCompaniesAct.TheDirectors’RemunerationReportsetsouttheremunerationthathasbeenpaidtothedirectorsintheyearendedDecember31,2016,andisdeemedapartoftheU.K.AnnualReportandAccounts.PartIoftheDirectorsRemunerationReportalsoincludesinformationrequiredbyregulationspromulgatedbytheSEC.PartIIoftheDirectorsRemunerationReportissetforthasAnnexAtothisproxystatement.ShareholdersapprovedtheDirectors’Remunerationpolicyatthe2014annualgeneralmeetingbyalargemajority,withmorethan96%ofthevotescastatthatmeetingbeingcastinfavoroftheproposal.ShareholdersapprovedthemostrecentDirectors’RemunerationReportpresentedatthe2016generalmeetingbyalargemajority,withmorethan95%ofthevotescastatthatmeetingbeingcastinfavoroftheproposal.


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WeencourageshareholderstoreadtheDirectors’RemunerationReport.TheBoardandtheCompensationCommitteebelievethatthepoliciesandproceduresarticulated in the Directors’ RemunerationReport are effective in achieving our compensation objectives for our executive directors, and serve to attract andretain high-qualitynon-executive directors, and the design of our compensation programand the compensation awarded to our executive and non-executivedirectorsfulfillstheseobjectives.InaccordancewiththeCompaniesAct,theDirectors’RemunerationReporthasbeenapprovedbyandsignedonbehalfoftheBoardandwillbedeliveredtotheRegistrarofCompaniesintheU.K.followingtheMeeting.Vote RequiredBecausethisvoteisadvisory(pursuanttotheCompaniesAct),itwillnotbelegallybindingupontheBoardortheCompensationCommittee,andpaymentsmadeorpromisedtodirectorswillnothavetoberepaid,reducedorwithheldintheeventthattheresolutionisnotpassed.TheBoardvaluesshareholders’opinionsandwilltakeintoaccounttheoutcomeoftheadvisoryvotewhenconsideringfutureexecutiveandnon-executivecompensation.Recommendation of the BoardThe Board recommends you vote FOR the advisory approval of the Directors’ Remuneration Report for the year ended December 31, 2016.

AUDIT COMMITTEE REPORTMembership and Role of the Audit CommitteeTheAuditCommitteeassiststheBoardinfulfillingitsoversightoftheCompany’sfinancialandaccountingprocessesandintegrityofthefinancialstatements,compliancematters,andperformanceoftheinternalauditfunction,andisdirectlyresponsiblefortheappointment,engagement,compensation,retention,andoversight of theindependent accountants. However, theAudit Committeeis not professionally engaged in thepracticeof accounting, auditingandevaluatingauditor independence. The Audit Committee operates under a written charter adopted by the Board, which is available on the Company’s website atwww.rowan.comunder the heading “Our Company-GovernanceDocuments” and is available in print upon request. The Audit Committee held five meetingsduring2016,androutinelymeetsinexecutivesessionwiththeauditorsandseparatelywiththeCompany’sChiefFinancialOfficer,DirectorofInternalAuditandComplianceOfficer.OurAuditCommitteemembersareallnon-executivemembersoftheBoard:JohnJ.Quicke(Chairman),WilliamE.Albrecht,ThomasR.Hix,ToreI.SandvoldandCharlesL.Szews.Aspreviouslynoted,theBoardhasdeterminedthatallofthemembersoftheAuditCommitteeareindependentwithinthemeaningoftheSECregulationsandNYSErules,andarefinanciallyliterateandhaveaccountingorfinancialmanagementexpertiseassuchqualificationsareinterpretedbytheBoardinitsbusinessjudgment.TheBoardhasalsodeterminedthateachofMessrs.Hix,QuickeandSzewsarequalifiedasauditcommitteefinancialexpertswithinthemeaningofSECregulations.TheAuditCommitteehasappointedDeloitte&ToucheLLPasourU.S.independentregisteredpublicaccountingfirmandprincipalauditorsfortheyearendingDecember 31, 2017, and Deloitte LLP to serve as our U.K. statutory auditor under the U.K. Companies Act. Both Deloitte & Touche LLP and Deloitte LLP(referred to jointly where relevant as “Deloitte”) are member firms of Deloitte Touche Tohmatsu Limited, a U.K. private company limited by guarantee.Shareholders are being asked to ratify the Audit Committee’s appointment of Deloitte & Touche LLP as the Company’s U.S. independent registered publicaccountingfirmandprincipalauditors(Proposal7),toreappointDeloitteLLPtoserveastheCompany’sU.K.statutoryauditor(Proposal8)andtoauthorizetheAuditCommitteetodetermineDeloitteLLP’sremunerationastheCompany’sU.K.statutoryauditor(Proposal9).Deloitte&ToucheLLPhasservedastheCompany’sU.S.independentregisteredpublicaccountingfirmforover40yearsandDeloitteLLPhasservedastheCompany’sstatutoryauditorsince2012.InaccordancewithSECrulesandDeloittepolicy,auditpartnersaresubjecttorotationrequirementstolimitthenumberof consecutive years an individual partner may provide service to our Company. For U.S. lead and concurring audit partners, the maximum number ofconsecutiveyearsofserviceinthatcapacityisfiveyears.Deloitte’sleadU.S.partnerrotatedoffinMarch2016,afterthecompletionoftheCompany’sauditfortheyearendedDecember31,2015.TheprocessforselectionoftheCompany’sleadU.S.auditpartnerpursuanttothisrotationpolicyinvolvedinterviewswiththeChief Executive Officer,Chief Financial Officer, Principal Accounting Officer, Chairmanof the Audit Committee and the candidate for the role, as wellasdiscussionandapprovalbythefullAuditCommittee.TheAuditCommitteeannuallyreviewsDeloitte’sindependenceandperformanceindeterminingwhethertoretainDeloitteortoengageanotherfirm.Aspartofthatreview,theAuditCommitteeconsiders,amongotherthings:• thequalityandefficiencyofthecurrentandhistoricalservicesprovidedtousbyDeloitteandtheexperienceoftheengagementteam; • Deloitte’scapabilityandexpertiseinhandlingthebreadthandcomplexityofourglobaloperations,andtheirknowledgeandunderstandingoftheoffshoredrillingsector;

• ananalysisofDeloitte’sknownlegalrisksandsignificantproceedings; • externaldataonDeloitte’sauditqualityandperformanceobtainedfromrecentPublicCompanyAccountingOversightBoardreports; • Deloitte’sindependence; • theappropriatenessofDeloitte’sfeesforauditandnon-auditservices;


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• Deloitte’s tenureasour independent auditor, includingthebenefits of havingalong-tenuredauditor, suchasits familiarity with our global operationsandbusinesses,accountingpoliciesandpracticesandinternalcontroloverfinancialreporting;and

• theimpactontheCompanyofchangingauditors.Basedonthisevaluation,theAuditCommitteebelievesthatDeloitteisindependentandthatitisinthebestinterestsoftheCompanyandourshareholderstoretainDeloittetoserveasourU.S.independentaccountingfirmandU.K.statutoryauditorfor2017.

Review of Audited Financial Statements for the Year ended December 31,2016The Audit Committee has reviewed and discussed with our management the audited consolidated financial statements of the Company for the year endedDecember31,2016.TheAuditCommitteehasalsodiscussedwithDeloitte&ToucheLLP,ourU.S.independentregisteredpublicaccountingfirm,themattersrequiredtobediscussedbyAuditingStandardNo.16regardingcommunicationwithauditcommittees,asadoptedbythePublicCompanyAccountingOversightBoard(“PCAOB”).TheAuditCommitteehasalsoreceivedthewrittendisclosuresandtheletterfromDeloitte&ToucheLLPrequiredbytheapplicablerequirementsofthePCAOBregarding communications with the Audit Committee concerning independence, and the Audit Committee has discussed with Deloitte & Touche LLP itsindependencefrommanagementandtheCompany.BasedontheAuditCommittee’sreviewanddiscussionswithmanagementandtheindependentauditors,andsubjecttothelimitationsoftheAuditCommittee’sroleandresponsibilitiesreferredtoaboveandintheAudit CommitteeCharter, theAudit CommitteerecommendedtotheBoardthatourauditedconsolidatedfinancialstatementsbeincludedinourannualreportonForm10-KfortheyearendedDecember31,2016forfilingwiththeSEC.

TheAuditCommitteeoftheBoardofDirectors

JohnJ.Quicke,ChairmanWilliamE.Albrecht

ThomasR.HixToreI.SandvoldCharlesL.Szews

February22,2017

The U.K. statutory auditor is responsible for conducting the statutory audit of our U.K. statutory accounts in accordance with the requirements of the U.K.CompaniesAct2006.The foregoing report of the Audit Committee will not be deemed incorporated by reference by any general statement incorporating by reference this proxystatementintoanyfilingundertheSecuritiesActof1933,asamended,orundertheSecuritiesExchangeActof1934,asamended,excepttotheextentthattheCompanyspecificallyincorporatesthisinformationbyreference,andwillnototherwisebedeemedfiledundersuchacts.


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Approval of FeesTheAuditCommitteeapprovesDeloitte’sauditandnon-auditservicesinadvanceasrequiredunderSarbanes-OxleyandSECrules.Beforethecommencementof each year, the Audit Committee appoints the independent auditor to perform audit services that the Company expects to be performed for the year andappointstheauditortoperformaudit-related,taxandotherpermittednon-auditservices.Inaddition,theAuditCommitteeapprovesthetermsoftheengagementlettertobeenteredintobytheCompanywiththeindependentauditor.TheAuditCommitteehasalsodelegatedtoitsChairmantheauthority,fromtimetotime,topre-approveaudit-relatedandnon-audit servicesnotprohibitedbylawtobeperformedbyourindependentauditorsandassociatedfees,providedthattheChairmanwillreportanydecisionstopre-approvesuchaudit-relatedandnon-auditservicesandfeestothefullAuditCommitteeatitsnextregularmeeting.ThetablebelowsetsforththefeesforDeloitteoverthepasttwoyears.Allsuchaudit,audit-relatedandtaxserviceswerepre-approvedbytheAuditCommittee,whichconcludedthattheprovisionofsuchservicesbyDeloittewascompatiblewiththemaintenanceofthatfirm’sindependenceintheconductofitsauditingfunctions.FeesforDeloittein2015and2016wereasfollows: 2015 2016 Auditfees(a) $ 2,839,321 $ 3,090,502Audit-relatedfees(b) 247,861 264,299Taxfees(c) 2,408,031 1,895,952Total $ 5,495,213 $ 5,250,753

(a) Feesforauditservicesconsistedof:

• Auditofourannualfinancialstatements;

• Reviewsofourquarterlyfinancialstatements;

• Statutoryaudits;

• ServicesrelatedtoSECmatters;and

• Attestationofmanagement’sinternalcontrols,asrequiredbySection404ofSarbanes-Oxley.

(b) Fees for audit-related services consisted of consulting services for International Financial Reporting Standards (IFRS) conversion requirements necessary for theCompany’sUKAnnualReportandperiodicalsubscriptions.

(c) Feesfor tax services consisted of tax compliance andtax planning advice. Tax compliance services are services rendered baseduponfacts already in existence ortransactionsthathavealreadyoccurredtodocument,compute,andobtaingovernmentapprovalforamountstobeincludedintaxfilings.Thefollowingtableshowsabreakdownofsuchfees,whichareprimarilyrelatedtosignificantuniqueevents:

2015 2016 Internationalrestructuring $ 974,903 $ 555,341AssistancewithIRSaudits 855,409 956,462Other(1) 577,719 384,149Total $ 2,408,031 $ 1,895,952

(1) Other fees for tax services include advice related to U.S. tax return reviews, newcountry entry research, change in tax method, contract termination transferpricing,advancepricingagreements,bareboatcharters,Spain,Africa,Luxembourg,Norway,U.K.andMiddleEasttaxmatters,extraterritorialincomeexclusionandvariousothermatters.

PROPOSAL 6 Resolution to Receive the U.K. Annual Reportand AccountsTheBoardisrequiredtopresentattheMeetingtheCompany’sU.K.AnnualReportandAccounts,includingtheauditedannualaccountsandrelateddirectors’and auditor’s reports for the year ended December 31, 2016. In accordance with our obligations under English law, we will provide our shareholders at theMeetingwithanopportunitytoreceivetheU.K.AnnualReportandAccounts.Vote RequiredThisordinaryresolutionwillbeapprovedifasimplemajorityofthevotescastarecastinfavorthereof,assumingaquorumispresent.Recommendation of the BoardThe Board and the Audit Committee recommend you vote FOR the ordinary resolution to receive the U.K. Annual Report and Accounts forthe year ended December 31, 2016.


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PROPOSAL 7 Resolution to Ratify the Appointment of DeloitteU.S. as the Company’s Independent Registered PublicAccounting FirmOurAuditCommitteehasappointedDeloitteU.S.astheCompany’s.independentregisteredpublicaccountingfirmandprincipalauditorsfortheCompanyfortheyear ending December 31, 2017, subject to ratification of our shareholders. We are asking you to ratify that appointment. Although the ratification of thisappointmentisnotrequiredtobesubmittedtoavoteoftheshareholders,theBoardbelievesitappropriateasamatterofpolicytorequestthattheshareholdersratifytheappointmentoftheindependentregisteredpublicaccountingfirmfortheyearendingDecember31,2017.TheAuditCommitteealsoapprovedtheappointmentofDeloitteU.K.,theU.K.affiliateofDeloitteU.S.,toserveastheCompany’sU.K.statutoryauditorundertheCompaniesAct.WearealsoseekingshareholderapprovaloftheU.K.statutoryauditorinProposal8.Vote RequiredThisordinaryresolutionwillbeapprovedifasimplemajorityofthevotescastarecastinfavorthereof,assumingaquorumispresent.Ifthisordinaryresolutionisnotapproved,theAuditCommitteewillreconsidertheappointment,butmaydecidetomaintainitsappointmentofDeloitteU.S.Recommendation of the BoardThe Board and Audit Committee recommend you vote FOR the ordinary resolution to ratify the Audit Committee’s appointment of Deloitte& Touche LLP as the Company’s U.S. independent registered public accounting firm for the year ending December 31, 2017.

PROPOSAL 8 Resolution to Re-Appoint Deloitte U.K. as theCompany’s U.K. Statutory Auditor under the Companies ActUndertheCompaniesAct,ourU.K.statutoryauditormustbeappointedateachmeetingatwhichtheannualreportandaccountsarepresentedtoshareholders.OurAuditCommitteehasapprovedtheappointmentofDeloitteU.K.,theU.K.affiliateofDeloitteU.S.,toserveastheCompany’sU.K.statutoryauditorundertheCompaniesAct. Deloitte U.K. has served as the U.K. statutory auditor under the Companies Act for the Company since its incorporation asa public limitedcompanyinMay2012.Weareaskingyoutoapprovethere-appointmentofDeloitteUK.Vote RequiredThisordinaryresolutionwillbeapprovedifasimplemajorityofthevotescastarecastinfavorthereof,assumingaquorumispresent.Ifthisordinaryresolutionisnotapproved,theBoardmayappointanauditortofillthevacancy.Recommendation of the BoardThe Board and Audit Committee recommend you vote FOR the ordinary resolution to re-appoint Deloitte U.K. as the Company’s U.K.statutory auditor under the Companies Act (to hold office until the conclusion of the next annual general meeting at which accounts arelaid before the Company).


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PROPOSAL 9 Resolution to Authorize the Audit Committee toDetermine Deloitte U.K.’s Remuneration as the Company’sU.K. Statutory AuditorUnder the Companies Act, the remuneration of our U.K. statutoryauditor must be fixed in a general meeting or in such manner as may be determined in ageneralmeeting.OurAuditCommitteeapproves,onanannualbasis,DeloitteU.K.’sremunerationasourU.K.statutoryauditorundertheCompaniesAct.WeareaskingourshareholderstoauthorizetheAuditCommitteetodetermineDeloitteU.K.’sremunerationasstatutoryauditorfortheyearendingDecember31,2017inaccordancewiththeAuditCommittee’sproceduresandapplicablelaw.Vote RequiredThisordinaryresolutionwillbeapprovedifasimplemajorityofthevotescastarecastinfavorthereof,assumingaquorumispresent.Recommendation of the BoardThe Board and the Audit Committee recommend you vote FOR the ordinary resolution to authorize the Audit Committee to determineDeloitte U.K.’s remuneration as the Company’s U.K. statutory auditor.

PROPOSAL 10 Resolution to Approve an Amendment to theCompany’s Incentive PlanIn this proposal, we are requesting shareholders approve an amendment to the 2013 Rowan Companies plc Incentive Plan (the “Plan”) to: (1) increase theaggregatenumberofClassAOrdinarySharesavailableforissuanceunderthePlanby2,174,572shares;and(2)approvethematerialtermsoftheperformancegoals thatmay apply to awards granted under the Plan intended to qualify as performance-based compensation under Section 162(m) of the U.S. InternalRevenueCode.Based on the recommendation of the Compensation Committee, theBoard approved the amendment of the Plan (the “Amendment”) on February 23, 2017(includingthebusinesscriteriauponwhichperformancegoalsmaybebased),subjecttoandeffectiveuponshareholderapprovalattheMeeting.ThePlan,asamendedbytheAmendmentifthisproposalisapproved,isdescribedinmoredetailbelow.Ifthisproposalisnotapprovedbyourshareholders,theAmendmentwillnotbecomeeffective,butthePlanwillremainineffectinaccordancewithitspresentterms.

Key Features and Best Practices under the Rowan Incentive Plan as Amended No Liberal Share Counting . ThePlandoesnotpermittherecyclingofshareswithheldtosatisfytheexercisepriceofanoptionortosatisfytaxwithholdingrequirements(otherthanwithrespecttofullvalueawards).Prohibition on Repricing . ThePlanprohibitsthedirectorindirectrepricingofoptionsandshareappreciationrightswithoutshareholderapproval.Administered by an Independent Committee . The Plan is administered by the Compensation Committee, which is made up entirely of independentdirectors.Limitations on the Payment of Dividends and Dividend Equivalents . Dividends and dividend equivalents on all awards (including “timeonly”vestingawards)areonlypaidtotheextentthevestingconditionsareachievedandtheawardvests.Inaddition,nodividendequivalentsshallbepayablewithrespecttooptionsorshareappreciationrights.No Discounted Options or Share Appreciation Rights . Alloptionsandshareappreciationrightsmusthaveanexercisepriceorbasepriceatleastequaltothefairmarketvalueoftheunderlyingsharesonthedateofgrant.Awards Subject to Clawback Provisions . AllequityandcashawardstoNEOs,includingpaymentsundertheCompany’sannual incentiveplan,grantedundertheCompany’sincentiveplanaresubjecttoclawbackprovisions.


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Proposed Amendment to PlanTheAmendmentamendsthePlantoincreasetheaggregatenumberofClassAOrdinaryShareswithrespecttowhichawardsmaybegrantedunderthePlan,suchthatthetotalnumberofsharesavailableforgrantunderthePlanfromandafterDecember31,2016willbe11,125,258,whichisanetincreaseof2,174,572newsharesaddedtothe8,950,686shareswhichremainedavailableforgrantunderthePlanasofDecember31,2016.Amongotherchanges,theAmendmentalsochangestheratioatwhichawardsotherthanshareoptionsandshareappreciationrights(“fullvalueawards”)willbecountedagainstthenumberofsharesavailableforissuanceunderthePlan.FromandafterthedatetheAmendmentisapprovedbyourshareholders,fullvalueawardswillbecountedagainstthenumberofsharesavailableas1.91sharesforeachonesharegranted(priortosuchtime,fullvalueawardswillcontinuetobecountedagainstthenumberofsharesavailableas2.24sharesforeachonesharegrantedinaccordancewiththetermsofthePlanasthenineffect).Inaddition,althoughwehavenotadoptedapolicythatallcompensationpaidtoourexecutiveofficersmustbedeductible,theAmendmentisalsointendedtoallowustoprovideperformance-basedcompensationthatwillbetaxdeductiblebyuswithoutregardtothelimitsofSection162(m)oftheU.S.InternalRevenueCode. Therefore, for purposes of Section 162(m), we are asking our shareholders to approve the list of business criteria that may be used for purposes ofgrantingawardsthatareintendedtoqualifyasperformance-basedcompensationunderSection162(m),asdescribedbelowundertheheading“—PerformanceAwards,” in the event we choose to seek to structure compensation in a manner thatwill satisfy the performance-based compensation exception to Section162(m).Shouldwechoosetodoso,shareholderapprovalofthesecriteriawouldenableustosatisfythisexceptionanddeductcompensationassociatedwithfutureperformance-basedawardstocertainexecutives.Generally,Section162(m)limitsthefederalincometaxdeductionsapubliclyheldcompanymayclaimforcompensationinexcessof$1millionpaidinagivenyear to its chief executive officer and certain of its other most highly-compensated executive officers excluding the chief financial officer (these officers aregenerallyreferred to as the “covered employees”). Performance-based compensation that meets certain requirements is not counted against the $1 milliondeductibilitycap.OptionsandshareappreciationrightsthatmaybegrantedunderthePlangenerallyshouldqualifyasperformance-basedcompensation.Otherawardsthat wemaygrant underthePlanmayqualifyasperformance-basedcompensation if thepayment, retentionorvestingoftheawardissubjecttotheachievementduringaperformanceperiodofperformancegoalsselectedbytheCompensationCommittee.TheCompensationCommitteeretainsthediscretiontosetthelevelofperformanceforagivenperformancemeasureunderaperformance-basedaward.Forawardstoqualifyasperformance-basedcompensation,theymustalsobeinamountsthatarewithintheindividualawardlimitssetforthinthePlanandshareholdersmustapprovethematerialtermsoftheperformancegoalseveryfiveyears.Shareholderapprovaldoesnotguaranteethatincentivecompensationthatwepaytoourcoveredemployeeswillqualifyasperformance-based compensation for purposes of Section 162(m), but will permit the CompensationCommittee to seek to structure incentive compensation to meet theperformance-basedcompensationrequirementsifitchoosestodoso.TheAmendmentwillbecomeeffectiveonlyifitisapprovedbytheCompany’sshareholders.IntheeventthattheAmendmentisnotapprovedbytheCompany’sshareholders,(i) thePlan(whichhaspreviouslybeenapprovedbyourshareholders)willcontinueinfullforceinaccordancewithitstermsasineffectimmediatelypriorto

theadoptionoftheAmendmentbytheBoard, (ii) theAmendmentwillnottakeeffect,and (iii) the Company may continue to grant awards under the Plan in accordance with its terms and conditions (including, without limitation, the limit on the

maximumnumberofsharesavailableforissuanceunderthePlanwithoutgivingeffecttotheAmendment).Why we are seeking additional shares. TheCompanyisrequestingapprovaloftheAmendmenttothePlanbecausetheremainingunissuedsharesinthePlan(8,950,686sharesasofDecember31,2016)maybeinsufficienttocovergrantsofawardsanticipatedtobemadein2019andfutureyearsdependingonsharepricevolatility.TheincreaseinsharesunderthePlanisintendedtoprovidetheCompanywithadditionalsharesforthegrantofshare-basedawardstooureligibleparticipants,therebylinkingtheircompensationtoshareholdervaluecreationandprovidingamixofcompensationelementsintheiroverallcompensationarrangements.TheBoardbelievesthattheincreaseintheaggregatenumberofClassAOrdinaryShareswithrespecttowhichawardsmaybegrantedunderthePlan,asamendedbytheAmendment,isdesirabletoaccomplishtheobjectivesofthePlanandisinthebestinterestoftheCompany’sshareholders.

WebelieveapprovaloftheAmendmentisreasonableandprudentfortheCompanytocontinueto:• retaintalentedexecutivesandmotivateemployees;• makeasignificantportionofeachexecutive’spayvariableandat-risk;• providesufficientheadroomtocontinuetograntequityawardstoemployeesshouldoursharepricedeclinesubstantiallyfromcurrentlevels;and• aligntheinterestsofthemanagementteamwithshareholdersbyprovidingmanagementwithanequitystakeintheCompany.

ThematerialfeaturesofthePlan,asamendedbytheAmendment,aredescribedbelow.ThedescriptioninthisproposalisnotintendedtobecompleteandisqualifiedinitsentiretybyreferencetothefulltextofthePlan,asamendedbytheAmendmentattachedasExhibitItothisproxystatementandisincorporatedhereinbyreference.ThefollowingsummaryissubjecttoandqualifiedinitsentiretybythefulltextofthePlan,asamendedbytheAmendment.


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Description of the Plan, as amended by the AmendmentGeneral.ThePlanisgovernedbyU.S.law,buthasbeendraftedtocomplywithbothU.S.andU.K.law.Accordingly,awardsmaybegrantedunderthePlantoemployeesoftheCompanyanditsaffiliates.Non-employeedirectorsandconsultantsarenoteligibletoreceiveawardsunderthemainrulesofthePlan,andareonlyeligibletoreceiveawardsgrantedunderanannextothePlan.Inaddition,allawardsgrantedunderthePlanmaybesettledonlyinshares,whileawardsthat maybesettledincash,orinacombinationof cashandshares, maybegrantedunderanannextothePlan. Foreaseof reference, for purposesof thefollowingdescriptionof thePlan, asamendedbytheAmendment, theparticipants to whomawardshavebeengrantedunder anyannextothePlanandtheawardsgrantedunderanyannextothePlanarereferredtoasparticipantsin,andawardsgrantedunder,thePlan,respectively.EffectiveDate.TheeffectivenessoftheAmendmentissubjecttoapprovalbytheCompany’sshareholders.IntheeventthattheAmendmentisnotapprovedbytheCompany’sshareholders,thePlanwillcontinueinfullforceandeffectinaccordancewithitsterms(withoutgivingeffecttotheAmendment).Administration . The Plan is administered by theCompensation Committee or, in the case of non-employee directors, the Board (in this section of the proxystatement,suchcommitteeorboard,the“Committee”).TheCommitteeselectstheparticipantsanddeterminesthetypeofawardstogranttoparticipantsunderthe Plan, as well as the number of shares subject to these awards and any vesting restrictions or conditions on such awards. Participants may includeemployees,consultantsanddirectorsoftheCompanyoranyofitssubsidiaries.TheCommitteehasthepowertoamendormodifythetermsofanawardinanymannerthatiseithernotadversetotheawardrecipientorconsentedtobytheawardrecipient.TheCommitteehasfullandfinalauthoritytointerpretthePlanandmay,fromtimetotime,adoptrulesandregulationsinordertocarryoutthetermsofthePlan.TheCommitteegenerallydoesnothaveauthoritytorepriceoptionsorshareappreciationrights(“SARs”)grantedunderthePlanwithoutshareholderapproval.TheCommitteemaydelegatecertainofitsdutiesunderthePlan,anditmayalsoengageorauthorizetheengagementofthird-partyadministratorstocarryoutadministrativefunctionsunderthePlan.SharesSubjecttothePlan.IfourshareholdersapprovetheAmendment,theaggregatenumberofClassAOrdinaryShareswhichmaybeissuedpursuanttoawards under the Plan will be increased by an additional 2,174,572 shares, such that the total number of shares available for issuance pursuant to awardsgrantedafterDecember31,2016is11,125,258shares(the“ShareLimit”).TheShareLimitwillcontinuetobereducedbyanysharessubjecttoawardsgrantedunderthePlanafterDecember31,2016andpriortothedateonwhichtheCompany’sshareholdersapprovetheAmendmentinaccordancewiththecurrentPlanprovisions.Nomorethan11,125,258sharesmaybeissuedpursuanttograntsofincentiveoptionsunderthePlan.AnysharesthataresubjecttoawardsofoptionsorSARswillbecountedagainsttheShareLimitasoneshareforeveryonesharegranted.AnysharesthataresubjecttoafullvalueawardgrantedafterthedateonwhichtheCompany’sshareholdersapprovetheAmendmentwillbecountedagainstthe Share Limit as 1.91 shares for every one share granted. Prior to such time, full value awards will continue to be counted against the number of sharesavailableas2.24sharesforeachonesharegrantedinaccordancewiththetermsofthePlanasthenineffect.IfawardsunderthePlanareforfeited,terminatedorexpireunexercisedoraresettledincash(inwholeorinpart),thesharessubjecttosuchawardsshallagainbecomeavailableforawardsunderthePlan.SuchsharesshallbeaddedbackasoneshareifthesharewassubjecttoanoptionorSAR.FromandafterthedateonwhichtheCompany’sshareholdersapprovetheAmendment, suchsharesshall beaddedbackas1.91sharesif suchsharewassubject to afull valueaward. Prior to thedateonwhichtheCompany’sshareholdersapprovetheAmendment,suchshares,iftheyweresubjecttoafullvalueaward,shallbeaddedbackinaccordancewiththetermsofthePlanasineffect prior to theamendment: specifically, (i) as1.94sharesif suchsharesweresubject to afull valueawardgrantedbefore April 28, 2016and(ii) as2.24sharesifsuchsharesweresubjecttoafullvalueawardgrantedafterApril28,2016.ThefollowingtypesofsharesmaynotberegrantedunderthePlan:(a)shareswithheldbytheCompanyinpaymentoftheexercisepriceofanoption,(b)sharestenderedbytheparticipanttosatisfyanytaxwithholdingobligationwithrespecttoanawardorshareswithheldbytheCompanytosatisfyanytaxwithholdingobligationwithrespecttoanawardotherthanafullvalueaward,(c)sharessubjecttoaSARthatarenotissuedinconnectionuponthenetsettlementornetexerciseofsuchSAR,and(d)sharespurchasedontheopenmarketwiththecashproceedsfromtheexerciseoroptions.AnyrestrictedsharesrepurchasedbytheCompanyand/oranemployeebenefittrustunderthePlanatthesamepricepaidbytheparticipantsothatsuchsharesarereturnedtotheCompanyand/oranemployeebenefittrustshallagainbeavailableforawardsunderthePlan.Dilution;RunRate.Eachyear,theCompensationCommitteereviewstheCompany’shistoricalshareholderdilution(overhang)andrunrateshowninthetablebelowcomparedtoitscurrentcompensationreferencegroup: Shareholder Dilution (Overhang) (a)

RowanCompanies 10.5%PeerandReferenceCompaniesMedian 6.8%

(a) Overhangiscalculatedbydividingthenumberofoutstandingshareawardsandsharesavailableforgrantbythenumberofcommonsharesoutstandingattheendoftheyear.

ThefollowingtableshowstheCompany’sthree-yearrunratecomparedtoitscurrentcompensationreferencegroup: Three-Year Average Run Rate (b)

RowanCompanies 1.07%PeerandReferenceCompaniesMedian 0.63%

(b) Runrateiscalculatedbydividingthenumberofshareawardsgrantedbytheweightedaveragenumberofcommonsharesoutstandingduringtheyear.


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Setforthbelowisatableindicatingthenumberofoptions,SARsandfullvalueshareawardstheCompanyhasgrantedinthepastthreeyearsandtheapplicablerunrate. Fiscal Year 3-YearItem 2014 2015 2016 AverageA TotalOptionsandSARs — — — —B TotalFull-ValueAwards 896,877 1,299,817 1,817,000 1,337,898C TotalSharesGranted(A+B) 896,877 1,299,817 1,817,000 1,337,898D WeightedAverageCommonSharesOutstanding 124,067,000 124,508,000 125,300,000 124,642,667E RunRate(C÷D) 0.72% 1.04% 1.45% 1.07%Weexpectthatifoursharepriceremainsvolatile,wemayneedtoseekshareholderapprovalofadditionalsharesonamoreregularbasis.Eligibility.Therearecurrentlyapproximately200employeesandnoconsultantseligibleforthegrantofawardsunderthePlan.AwardsmayalsobegrantedtotheCompany’snon-employeedirectors,whichcurrentlyincludenineindividuals.TypesofAwards . AwardsunderthePlanmaybeintheformofoptions,SARs,restrictedshares,restrictedstockunits(“RSUs”),bonusshares,performanceawards,whichincludeperformanceunits,dividendequivalentsandcash-basedawards,eachasdescribedbelow.Options.Optionsarerightstopurchaseaspecifiednumberofsharesataspecifiedprice.ThenumberofsharesandallothertermsandconditionsofanoptionaredeterminedbytheCommittee.AnoptiongrantedunderthePlanmayconsistofeitheranincentiveoptionthatcomplieswiththerequirementsofSection422oftheU.S.InternalRevenueCodeoranon-qualifiedoptionthatdoesnotcomplywithsuchrequirements.Incentiveoptionsmayonlybegrantedtoemployees.Thetermofanoptionmaynotbelongerthantenyears(orfiveyearsinthecaseofincentiveoptionsgrantedtoparticipantswhoholdmorethan10%ofthesharesoftheCompany)andoptionsmusthaveanexercisepricepersharethatisnotlessthanthefairmarketvalueofashareonthedateofgrant(or110%ofthe fair market value of a share on the date of grant with respect to incentive options granted to participants who hold more than 10%of the shares of theCompany).Theaggregatefairmarketvalueoftheshareswithrespecttowhichincentiveoptionsareexercisableforthefirsttimebyanemployeeinanycalendaryearmaynotexceed$100,000orsuchotherlimitationimposedbySection422(d)oftheU.S.InternalRevenueCode.Theexercisepriceofanoptionmustbepaidinfullatthetimetheoptionisexercised.Noparticipantwillbepermittedtopaytheexercisepriceofanoption,orcontinueanyextensionofcreditwithrespecttotheexercisepriceofanoptionwithaloanfromusorarrangedbyusinanymethodwhichwouldviolateSection13(k)oftheExchangeAct.SARs.ASARisarighttoreceiveapayment,incashorshares,equaltotheexcessofthefairmarketvalueofaspecifiednumberofoursharesonthedatetherightsareexercisedoveraspecifiedgrantprice.TheCommitteewilldeterminetheterms,conditionsandlimitationsapplicabletoanySARs,includingthetermofanySARs,whichmaynotbelongerthantenyears,andthedateordatesuponwhichtheybecomeexercisable.RestrictedShares.RestrictedsharesconsistofrestrictedgrantsofoursharesthatmaybesubjecttoapersharepurchasepricedeterminedbytheCommittee,thatarenon-transferableandmaybesubjecttoasubstantialriskofforfeitureuntilspecificconditionsaremet.Anyterms,conditionsandlimitationsapplicabletoarestrictedshareawardwillbedeterminedbytheCommittee.Whilearestrictedshareawardissubjecttorestrictions,thegranteemaybeentitledtodividendspaid with respect to the restricted shares, unless the Committee determines otherwiseor any vesting conditions applicable to such restricted shares are notsatisfied(asdescribedbelow).RestrictedShareUnits.AnRSUisaunitevidencingtherighttoreceiveinspecifiedcircumstancesoneshareoritsequivalentvalueincashthatisrestrictedorsubject to forfeitureprovisions. The Committee will determine any terms, conditions and limitations applicable to an RSUaward. Shares underlying theRSUawardortheequivalentcashvaluewillbedeliveredtotheparticipantuponsettlementofavestedRSU.BonusShares . Bonussharesaregrantsofsharesthat arenot subject torestrictionsandaregrantedinconsiderationof theperformanceof servicesbytheparticipant.Dividend Equivalents . Dividend equivalents entitleparticipants to receive the equivalent value (in cash or additional shares) of dividends in respect of otherawardsheldbyparticipants.Dividendequivalentsthatarebasedondividendsdeclaredpriortothevestingofsuchawardshallonlybepaidtoaparticipanttotheextentthatthevestingconditionsaresubsequentlysatisfiedandtheawardvests.Additionally,thePlanprovidesthatdividendequivalentsarenotpayablewithrespecttooptionsorSARs.CashAwards.Cashawardsconsistofgrantsdenominated(inwholeorinpart)incash.Theterms,conditionsandlimitationsapplicabletoanycashawardswillbedeterminedbytheCommittee.PerformanceAwards . Performanceawardsentitle participants to receive cashpayments or shares uponthe attainment of specified performance goals. TheCommitteewill determinetheterms,conditionsandlimitationsapplicabletoaperformanceaward. TheCommitteewill set performancegoalsinits discretionwhich,depending onthe extent to whichthey are met, will determine the value and/or amount of performance awards that will be paid out totheparticipantand/ortheportionthatmaybeexercised.Performanceawardsthatareintendedtoqualifyasperformance-basedcompensationunderSection162(m)oftheU.S.InternalRevenueCodemaybegrantedto“coveredemployees”(withinthemeaningofSection162(m)).Suchawardswillbepaid,vestedorotherwisedeliverablesolelyonaccountoftheattainmentofone or more pre-established objective performance goals established by the Committee prior to the earlier of (1) 90 days after the commencement of theapplicableperformanceperiodordesignatedfiscalperiodorperiodofemploymentapplicabletosuchperformanceawardor(2)thelapseof25%oftheperiodofservice.Participantsareonlyentitledtoreceivepaymentforaperformance-basedawardfor


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anygivenperformanceperiodtotheextentthatpre-establishedperformancegoalssetbytheCommitteefortheperiodaresatisfied.Aperformancegoalmaybebasedupononeormoreshareholder-approvedbusinesscriteriathatapplytotheparticipant,oneormoreofourbusinessunits,ortheCompanyasawhole.InaskingourshareholderstoapprovetheAmendment of thePlan, wearealsorequestingourshareholdersapprovethefollowingbusinesscriteriatoallow theCompanytoqualifyawardsasqualifiedperformance-basedcompensation:earningspershare;pricepershare;revenues;cashflow;returnonnetassets;returnonassets;returnoncapitalemployed;returnoninvestment;returnonequity;economicvalueadded;grossmargin;netincome;pretaxearnings;pretaxearningsbeforeinterest,depreciationandamortization;pretaxoperatingearningsafterinterestexpenseandbeforeincentives,servicefees,andextraordinaryorspecialitems; operating income; total shareholder return; debt reduction; budget compliance; safety and environmental performance; fleet size and growth; fleetvaluation;shipyardorrepairtime;shipyardorrepaircost;rigcontracting;rigmargin;rigrevenues;utilizationof,anddayratesachievedfor,drillingrigs;downtimefordrillingrigsundercontract;procurementefficiency;projectexecution;capitalexpendituresincludingadherencetobudgetandschedule;marketshare;returnoninvestmentcapital; costcontrol orefficiency;marketpenetration;geographicbusinessexpansion; acquisitioncostefficiency;negotiationandcompletionoftransactions, including mergers, acquisitions, divestitures, dispositions, joint ventures and similar transactions; customer satisfaction; employee satisfaction;employeeattritionorretentionrate;andhumanresourcesmanagement.Anyoftheforegoingmaybedeterminedonanabsoluteorrelativebasisorascomparedto the performance of a published or special index or internal benchmark deemed applicable by the Committee. With respect to such business criteria, theCommitteemayprovideforexclusionoftheimpactofaneventoroccurrencewhichtheCommitteedeterminesshouldappropriatelybeexcluded,including(a)restructurings,discontinuedoperations,extraordinaryitems,andotherunusual,infrequentlyoccurringornon-recurringchargesorevents,(b)assetwrite-downs,(c)litigationorclaimjudgmentsorsettlements,(d)acquisitionsordivestitures,(e)reorganizationorchangeinthecorporatestructureorcapitalstructureoftheCompany,(f)aneventeithernotdirectlyrelatedtotheoperationsoftheCompany,subsidiary,division,businesssegment,assetclassorgeographicalunitornotwithin the reasonable control of management, (g) foreign exchange gains and losses, (h) a change in the fiscal year of the Company, (i) the refinancing orrepurchaseofbankloansordebtsecurities, (j) unbudgetedcapital expenditures, (k)theissuanceorrepurchaseofequitysecuritiesandotherchangesinthenumber of outstanding shares, (l) conversion of someor all of convertible securities, (m) any business interruption event (n) the cumulative effects of taxoraccountingchanges,or(o)theeffectofchangesinotherlawsorregulatoryrulesaffectingreportedresults.Withregardtoaparticularperformanceperiod,theCommitteeshallhavethediscretiontoselectthelengthoftheperformanceperiod,thetypeofperformance-basedawardstobegranted,andthegoalsthatwillbeusedtomeasuretheperformancefortheperiod.Generally,aparticipantwillhavetobeemployedonthedatetheperformance-basedawardispaidtobeeligibleforaperformance-basedawardforanyperiod.Priortothepaymentofanyqualifiedperformanceawards,theCommitteemustcertifyinwritingthattheapplicableperformancegoalsweresatisfied.Section162(m) generally disallows deductions for compensation in excess of $1 million for certain executive officers unless it meets the requirements for beingperformance-based.For the avoidance of doubt, nothing herein or in the Plan is intended to prohibit the Committee fromawarding compensation that isnotintendedtoordoesnotqualifyasperformance-basedcompensationor,withrespecttoawardsthatareintendedtoqualifyasperformance-basedcompensation,toprovideanyrepresentationorguaranteethatalloftherequirementsforsuchawardsunderSection162(m)willbesatisfied.AwardLimits.ThePlanprovidesthatgrantsorawardsmadetoanindividualemployeeinanycalendaryearcannotcoveranaggregateofmorethan1,500,000shares.Inaddition,thePlanprovidesthatthemaximumcashawardsgrantedtoanyonepersoninrespectofanycalendaryearmaynotexceed$15million.Themaximumaggregategrantdatefairvalueofoneormoreawardsgrantedtoanon-employeedirectorduringanycalendaryearmaynotexceed$600,000.AssignabilityandTransfer.NoawardoranyotherbenefitunderthisPlanshallbeassignableorotherwisetransferableexceptbywillorthelawsofdescentanddistribution orpursuant to a qualified domestic relations order as defined by the U.S. Internal Revenue Code or Title I of the Employee Retirement IncomeSecurity Act of 1974, or the rules thereunder. Incentive options may not be assigned or transferred pursuant to a qualified domestic relations order. TheCommitteemayprescribeotherrestrictionsontransfer.AmendmentandTermination.TheBoardmayamend,modify,suspendorterminatethePlanatanytime,exceptthat(1)noamendmentthatwouldimpairtherightsofaparticipantwithrespecttoanyoutstandingawardmaybemadewithoutthewrittenconsentoftheparticipantand(2)noamendmentshallbemadewithoutshareholderapprovaltotheextentsuchshareholderapprovalisrequiredpursuanttoapplicablelegalrequirementsortherequirementsofanysecuritiesmarketorexchangeonwhichthesharesarethen-listed.Inaddition,absentshareholderapproval,excepttotheextentpermittedbythePlaninconnectionwithcertainchangesincapitalstructure,(i)nooptionorSARmaybeamendedtoreducethepersharepriceofthesharessubjecttosuchaward,(ii)thenumberofsharesauthorizedforissuanceunderthePlanmaynotbeincreased,and(iii)nooptionorSARmaybecanceledinexchangeforcashorreplacedwithanotherawardwhenthepersharepriceofsuchoptionorSARexceedsthefairmarketvalueofashare.In no event may any award be granted pursuant to the Plan on orafter the tenth anniversary of the date on which the Plan was originally approved by theCompany’sshareholders.ChangeinControlorEquityRestructuring . Intheeventofa“changeincontrol” of theCompany(asdefinedinthePlan)orcertainchangesincapitalization,whichmay include a share split, share dividend, recapitalization, merger, consolidation, combination of shares or other similar event, the Committee hasdiscretion to make adjustments with respect to (a) the aggregate number and kind of shares that may be issued under the plan and/or (b) the terms andconditionsofanyoutstandingawards.Inaddition,theCommitteemayacceleratethevestingofallorpartofanyoutstandingawardsorcancelsuchawardsinexchangeforcashpayments.However,thePlanprovidesthat,inconnectionwiththeoccurrenceofanEquityRestructuring(asdefinedinthePlan)andnotwithstandinganyotherprovisiontothecontrary,(i)thenumberandtypeofsecuritiessubjecttoeachoutstandingawardandtheexercise


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price or grant price of such award, if applicable, will be equitably adjusted; and/or (ii) the Committee will make such equitable adjustments as it deemsappropriate,initssolediscretion,toreflecttheEquityRestructuring.AnyadjustmentsmadeinconnectionwithanEquityRestructuringarenondiscretionaryandwillbefinalandbindingontheaffectedparticipantandtheCompany.U.S. Federal Income Tax ConsequencesThefollowingsummaryisbaseduponcurrentinterpretationsofexistingU.S.federalincometaxlaws.Thediscussionbelowisnotpurportedtobecomplete,anditdoesnotdiscussthetaxconsequencesarisinginthecontextoftheparticipant’sdeathortheincometaxlawsofanylocal,stateorforeigncountryinwhichtheparticipant’sincomeorgainmaybetaxable.NonqualifiedOptions;ShareAppreciationRights.Participantswillnotrealizetaxableincomeuponthegrantofanon-qualifiedoption(“NQO”)orSAR.Upontheexerciseof anNQOorSAR,theparticipant will recognizeordinaryincome(subject, in thecaseof employees, towithholdingbytheCompany) inanamountequaltotheexcessof(1)thefairmarketvalueofthesharesonthedateofexerciseover(2)theexerciseorgrantprice.TheparticipantwillgenerallyhaveataxbasisinanysharesreceivedpursuanttotheexerciseofaSAR,orpursuanttothecashexerciseofaNQO,thatequalsthefairmarketvalueofsuchsharesonthe date of exercise. Subject to the discussion under “- Certain Tax Code Limitations on Deductibility” below, the subsidiary of the Company for which theparticipantperformsserviceswillbeentitledtoadeductionforU.S.federalincometaxpurposesthatcorrespondsastotimingandamountwiththecompensationincomerecognizedbytheparticipantundertheforegoingrules.IncentiveOptions.Employeeswillnothavetaxableincomeuponthegrantofanincentiveoption.Upontheexerciseofanincentiveoption,theemployeewillnothavetaxableincome,althoughtheexcessofthefairmarketvalueofthesharesreceiveduponexerciseoftheincentiveoption(“ISOShares”)overtheexerciseprice is an item of tax preference that may require payment of an alternative minimumtax. The payment of any alternative minimumtax attributable to theexerciseofanincentiveoptionwouldbeallowedasacreditagainsttheemployee’sregulartaxliabilityinalateryeartotheextenttheemployee’sregulartaxliabilityisinexcessofthealternativeminimumtaxforthatyear.UponthedispositionofISOSharesthathavebeenheldfortherequisiteholdingperiod(e.g.,atleasttwoyearsfromthedateofgrantandoneyearfromthedateofexerciseoftheincentiveoption),theemployeewillgenerallyrecognizecapitalgainorlossequaltothedifferencebetweentheamountreceivedfortheISOShares and the exercise price paid by the employee for the ISO Shares. However, if an employee disposes of ISO Shares that have not been held for therequisiteholdingperiod,theemployeewillrecognizeordinaryincomeintheyearofthedispositionequaltothefairmarketvalueoftheISOSharesatthetimeofexercise(ortheamountrealizedupondisposition,incertaincases)overtheexercisepricepaidbytheemployeeforsuchISOShares.OtherAwards.Aparticipantwillrecognizeordinarycompensationincomeuponreceiptofcashpursuanttoacashawardorperformanceawarddenominatedincashor, if earlier, at the timesuchcashisotherwisemadeavailablefor theparticipant. Aparticipant will not havetaxableincomeuponthegrant of anRSUawardbut rather will generally recognizeordinary compensationincomeat thetimetheparticipant receivessharesor cash insatisfactionof suchRSUinanamountequaltothefairmarketvalueofthesharesorcashreceived.Ingeneral, aparticipantwillrecognizeordinarycompensationincomeasaresultofthereceiptofsharespursuanttoabonusshareorrestrictedshareawardorperformanceawardinanamountequaltothefairmarketvalueoftheshareswhensuchsharesarereceived;provided,however,thatifthesharesarenottransferableandissubjecttoasubstantialriskofforfeiturewhenreceived,theparticipantwillrecognizeordinarycompensationincomeinanamountequaltothefairmarketvalueoftheshareswhentheyfirstbecomestransferableorarenolongersubjecttoasubstantialriskofforfeiture,unlesstheparticipantmakesanelectiontobetaxedonthefairmarketvalueoftheshareswhensuchsharesarereceived.Subjecttothediscussionunder“-CertainTaxCodeLimitationsonDeductibility”below,thesubsidiaryoftheCompanyforwhichtheparticipantperformsserviceswillbeentitledtoadeductionforU.S.federalincometaxpurposesthatcorrespondsastotimingandamountwiththecompensationincomerecognizedbytheparticipantundertheforegoingrules.CertainTaxCodeLimitationsonDeductibility . Inorderforus(oroursubsidiaryforwhichtheparticipantperformsservices)todeducttheamountsdescribedabove,suchamountsmustconstitutereasonablecompensationforservicesrenderedortoberenderedandmustbeordinaryandnecessarybusinessexpenses.Our(or our subsidiary’s) ability to obtainadeductionfor futurepaymentsunder thePlancouldalsobelimitedbySection280Gof theU.S. Internal RevenueCode,whichprovidesthatcertainexcessparachutepaymentsmadeinconnectionwithachangeofcontrolofanemployerarenotdeductible,andbySection162(m)oftheU.S.InternalRevenueCode,whichlimitsthedeductibility,forU.S.federalincometaxpurposes,ofcompensationpaidtocertainemployeesto$1millionduringanytaxableyear.However,certainexceptionsapplytothislimitationinthecaseofqualifiedperformance-basedcompensation,asdescribedaboveundertheheading“—PerformanceAwards”.Section409A.Section409AoftheU.S.InternalRevenueCodegenerallyprovidesthatanydeferredcompensationarrangementwhichdoesnotmeetspecificrequirementsregarding(i)timingofpayouts,(ii)advanceelectionofdeferralsand(iii)restrictionsonaccelerationofpayoutsresultsinimmediatetaxationofanyamountsdeferredthatareearnedorvested,totheextentnotsubjecttoasubstantialriskofforfeiture,withinterest,andanadditional20%tax.Section409AmaybeapplicabletocertainawardsunderthePlan.Totheextentapplicable,weintendthatthePlanandallawardsmadethereunderwilleithercomplywithorbeexemptfromtherequirementsofSection409A.New Awards under the PlanThePlanpermitsgrantsofawardstoournon-employeedirectors,aswellastoemployees(includingexecutiveofficers)andconsultantsoftheCompanyanditsaffiliates.Thenumberofawardsthatournamedexecutiveofficers,directors,otherexecutiveofficersandotheremployeesmayreceiveunderthePlanwillbedeterminedinthediscretionoftheCommitteeinthefuture,andasofMarch15,2017,theCommitteehasnotmadeanydeterminationtomakefuturegrantstoanypersonsunderthePlan,asamendedbytheAmendment.Therefore,itisnotpossibletodeterminethefuturebenefitsthatwillbereceivedbyparticipantsunderthePlan,asamendedbytheAmendment.AnnualawardstoemployeesweremadeinFebruary2017andannualawardstonon-executivedirectorsareexpectedtobedeterminedaftertheMeeting.


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Awards Granted Under the Plan ThefollowingtableprovidesinformationwithrespecttothenumberofsharessubjecttooutstandingshareawardsgrantedunderthePlantoourNEOs,directorsandemployeesasofDecember31,2016anddoesnotincludeannualawardsmadeinFebruary2017.Asstatedabove,itisnotcurrentlypossibletodeterminetheamountsofawardsthatwillbegrantedinthefuturetoparticipantsunderthePlan,asamendedbytheAmendment.

Name Dollar Value

($) (1)

Number of Shares

Underlying Option Grants

Number of Shares Underlying

Share Appreciation Right (SARs) Grants

Number of Shares Underlying

Restricted Share Unit (RSUs)

Grants

Number of Restricted Share

Grants NEOs: Burke 4,339,524 — — 229,726 —Butz 1,812,741 — — 95,963 —Keller 1,873,850 — — 99,198 —Trent 1,356,888 — — 71,831 —Brooks 1,147,133 — — 60,727 —AllCurrentExecutiveOfficers,includingNEOs,asaGroup(7persons) 10,934,061 — — 578,828 —Non-Executive Directors: Albrecht 304,677 — — 5,374 10,755Hearne 1,172,540 — — 51,317 10,755Hix 977,520 — — 40,993 10,755Moore 203,162 10,755 —Nimocks 826,778 — — 43,768 —Peacock 1,172,540 — — 62,072 —Quicke 977,520 — — 40,993 10,755Sandvold 629,113 — — 22,549 10,755Szews 166,950 — — 8,838 —AllDirectorsWhoAreNotExecutiveOfficersasaGroup(9persons) 6,430,800 — — 286,659 53,775AllEmployeesWhoAreNotExecutiveOfficersasaGroup 31,443,841 — 3,039 1,664,576 —

(1) Awardvaluesforoptions,SARs,RSUsandrestrictedsharesarecalculatedbasedonthe$18.89closingpriceoftheCompany’sClassAOrdinarySharesonDecember31,2016.

Equity Compensation Plan Information ThefollowingtableprovidesinformationaboutoursharesthatmaybeissuedunderequitycompensationplansasofDecember31,2016.

Number of securities to be

issued upon exercise of outstanding options, warrants and rights (1)

Weighted-average exercise price of

outstanding options, warrants and rights ($) (2)

Number of securities remaining available for future issuance under equity compensation

plans (excluding securities reflected in the first column)

Equitycompensationplansapprovedbysecurityholders 129,566 15.78 8,950,686Equitycompensationplansnotapprovedbysecurityholders — — —TOTAL 129,566 15.78 8,950,686

(1) Thenumberofsecuritiestobeissuedincludes(i)100,000optionsand29,566sharesissuableunderoutstandingSARs(seenote(2)below).

(2) Theweighted-averageexercisepriceinthesecondcolumnisbasedon(i)100,000sharesunderoutstandingoptionswithaweighted-averageexercisepriceof$15.31pershare,and(ii)29,566sharesthatwouldbeissuableinconnectionwith1,543,665SARsoutstandingatDecember31,2016.ThenumberofsharesissuableunderSARsisequalinvaluetotheexcessoftheCompany’ssharepriceonthedateofexerciseovertheexerciseprice.ThenumberofsharesissuableunderSARsincludedinthefirstcolumnwasbasedonaDecember31,2016closingstockpriceof$18.89andaweighted-averageexercisepriceof$30.67pershare.

Vote Required Thisordinaryresolutionwillbeapprovedifasimplemajorityofvotescastarecastinfavorthereof,assumingaquorumpresent. Recommendation of the Board TheBoardrecommendsyouvoteFORtheordinaryresolutiontoapprovetheAmendmenttothe2013RowanCompaniesplcIncentivePlan.


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PROPOSAL 11 Resolution to Approve the Form of ShareRepurchase Contracts and Repurchase Counterparties Under the Companies Act, wemayonly repurchaseour ClassAOrdinary Sharesin accordancewith specific procedures for ‘‘off market purchases’’ of suchshares.Thisisbecause,andsolelyforthepurposesoftheCompaniesAct,anyrepurchaseofourClassAOrdinarySharesthroughtheNYSEconstitutesan‘‘offmarket’’ transaction. As such, these repurchases may only be made pursuant to a form of share repurchase contract which has been approved by ourshareholders. Inaddition, wemustonlyconductsharerepurchases throughcounterpartiesapprovedbyourshareholders.Theseapprovals, if granted,will bevalidforfiveyears. In connection with the redomestication to theU.K., the Company obtained approval to purchase its own shares through off-market purchases pursuant to apurchaseagreement witha specified dealer. Pursuant to this agreement, we may purchase up to a maximumof 50,000,000 shares over a five-year period,subject toanannualcapof10%ofthesharesoutstandingatthebeginningofeachapplicableyear.SubjecttoBoardapproval,sharerepurchasesunderthisagreement may be commenced or suspended fromtime to time without prior notice and, in accordance with the shareholder approval and English law, anysharesrepurchasedbytheCompanywillbecancelled.ThisauthoritytorepurchasesharesterminatesApril30,2017. Weareseekinganewauthoritytorepurchasesharesforfiveyears.Approvaloftheformsofcontractandcounterpartiesarenotanapprovaloftheamountortiming of any repurchase activity. There cannot be any assurance as to whether the Company will repurchase any of its shares or as to the amount ofanyrepurchasesorthepricesatwhichsuchrepurchasesmaybemade. Webelieve this authority would give usadded flexibility to return additional capital to shareholders should we determine in the future that this is in the bestinterestofourshareholders.TheBoardconfirmsthatthisauthoritywillonlybeexercisedaftercarefulconsiderationofprevailingfinancialmarketconditions,theoverallpositionoftheCompanyandotherusesoffreecashflow,includinginvestmentinourfleetanddividendincreases. AnyClassAOrdinarySharespurchasedpursuanttothisauthoritywillbeheldintreasuryorcancelledbytheCompany. Weareseekingtheapprovalfortwoformsofsharerepurchasecontract(the“ShareRepurchaseContracts”):• TheformofagreementattachedasExhibitIItothisproxystatementprovidesthatthecounterpartywillpurchasesharesontheNYSEatsuchpricesandinsuchquantitiesaswemayinstructfromtimetotime,subjecttothelimitationssetforthinRule10b-18oftheExchangeAct.TheagreementprovidesthatthecounterpartywillpurchasetheClassAOrdinarySharesasprincipalandsellanyClassAOrdinarySharespurchasedtousinrecordform.

• The formof agreement attached as Exhibit III to this proxy statement is a formof repurchase plan which wemayenter fromtimeto timeto purchase aspecifieddollaramountofClassAOrdinarySharesontheNYSEeachdayifourClassAOrdinarySharesaretradingbelowaspecifiedprice.Theamounttobepurchasedeachday,thelimitpriceandthetotalamountthatmaybepurchasedundertheagreementwillbedeterminedatthetimetheplanisexecuted.TheagreementprovidesthatthecounterpartywillpurchasetheClassAOrdinarySharesasprincipalandsellanyClassAOrdinarySharespurchasedtousinrecordform.

Wemay only enter into share repurchase contractswith counterparties approved by our shareholders. We therefore seek approval to conduct repurchasesthroughthefollowingcounterparties(ortheirsubsidiariesoraffiliatesfromtimetotime): BankofAmerica Goldman,Sachs&Co. MUFGSecuritiesAmericasInc.BarclaysCapitalInc. HSBCSecurities RBCCapitalMarkets,LLCBNYMellonCapitalMarkets,LLC Jefferies RBSSecuritiesInc.CitigroupGlobalMarketsInc. J.P.MorganSecurities,LLC ScotiaBankCapitalMarketsCreditSuisseSecurities(USA)LLC MerrillLynch,Pierce,Fenner&Smith UBSSecuritiesLLC Incorproated DeutscheBankSecuritiesInc. MizuhoBankLtd WellsFargoSecurities,LLCDNBMarkets,Inc. MorganStanley&Co.LLC Copies of the Share Repurchase Contracts and the list of repurchase counterparties will be made available for shareholders to inspect at the Company’sregisteredofficeatCannonPlace,78CannonStreet,London,EC4N6AF,UnitedKingdomfortheperiodfromthedateofthisproxystatementandendingonthedateoftheMeeting.CopiesoftheShareRepurchaseContractsandthelistofrepurchasecounterpartieswillalsobeavailableforinspectionattheMeeting. UndertheCompaniesAct,theCompanymustseekauthorizationforsharerepurchasecontractsandcounterpartiesatleasteveryfiveyears.Ifthisproposalisapproved, the Companymay repurchase shares pursuant to the form Share Repurchase Contracts attached at Exhibit II and Exhibit III with the approvedcounterpartiesuntilthefifthanniversaryofthedateoftheMeeting.


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Vote Required Thisordinary resolutionwill beapprovedifa simplemajority of thevotescast arecast in favor thereof, assumingaquorumis present. If theformsof ShareRepurchaseContractsandrepurchasecounterpartiesdonotreceiveshareholderapproval,wewillnotbeabletocarryoutrepurchasesofourClassAOrdinarySharesafterApril30,2017,andwewouldberequiredtoseekapprovalofanoff-marketsharerepurchasecontractatafuturegeneralmeeting. Recommendation of the Board The Board recommends you vote FOR the ordinary resolution approving the form of Share Repurchase Contracts and repurchasecounterparties.

PROPOSAL 12 Resolution Authorizing the Board to AllotEquity Securities Theordinaryresolutionproposedinthisproposal isrequiredperiodicallyundertheCompaniesActandiscustomaryforpubliclimitedcompaniesincorporatedunderthelawsofEnglandandWales.ThisauthorizationisrequiredasamatterofEnglishlawandisnototherwiserequiredforothercompanieslistedontheNYSEororganizedwithintheUnitedStates. UndertheCompaniesAct,directorsare,withcertainexceptions(suchasinconnectionwithemployees’shareschemes),unabletoallot,orissue,shareswithoutbeingauthorizedeitherbytheshareholdersinageneralmeetingorbyacompany’sarticlesofassociation.InconnectionwithourredomesticationtotheU.K.in2012,theBoardwasgrantedauthoritytoallotupto$18,750,000ofaggregatenominalvalueofshares(equalto150,000,000sharesatnominalvaluepershareof $0.125), consistingof oneor moreclassesof shares. Unlikemost companieslistedontheNYSEwithperpetual authority under their charter or articlesofincorporation,thisauthorityisvaliduntilApril30,2017andthereaftermustberenewedorreplaced. TheCompanyproposesthattheshareholdersauthorizetheBoardattheMeetingtogenerallyandunconditionally,subjecttotheprovisionsoftheArticlesandtheCompaniesAct,inaccordancewithsection551oftheCompaniesAct,toexerciseallthepowersoftheCompanytoallotsharesintheCompanyorgrantrightstosubscribeforortoconvertanysecurityintosharesintheCompany:(a) uptoanaggregatenominalamountof$5,281,175;and(b) uptoafurtheraggregatenominalamountof$5,281,175,providedthat(i)theyareequitysecurities(withinthemeaningofsection560oftheCompanies

Act)and(ii)theyareofferedbywayofarightsissue. Thisamountsetforthinparagraph(a)abovewill authorizethedirectorstoallot newequitysecuritiesintheCompanyuptoanominal amountof $5,281,175(beingequaltoapproximately33%oftheaggregatenominalvalueoftheissuedsharecapitaloftheCompanyasofMarch1,2017,orapproximately42,249,400ClassAOrdinaryShares).Theamountsetforthinparagraph(b)abovewillfurtherauthorizethedirectorstoallotequitysecuritiesinthecontextofarightsissueinfavorofholdersofClassAOrdinarySharesinproportion(asnearlyasmaybepracticable)totheirexistingholdingsandofequitysecuritiesasrequiredbytherights of thosesecurities or asthedirectorsmayotherwiseconsider necessary, uptoanadditional aggregate nominal amount of $5,281,175(beingequal toapproximately 33%of the aggregate nominal value of the issued share capital of the Company as of March 1, 2017, or approximately 42,249,400 Class AOrdinaryShares),andsothatthedirectorsmayimposeanylimitsorrestrictionsandmakeanyarrangementswhichtheyconsidernecessaryorappropriatetodealwithtreasuryshares,fractionalentitlements,recorddates,legal,regulatoryorpracticalproblemsin,orunderthelawsof,anyterritoryortherequirementsofany regulatory body or stock exchange or any other matter. Together, the aggregate nominal amount of any relevant securities issued under the authorityconferredbyparagraphs(a)and(b)representapproximately66%oftheaggregatenominalvalueofourissuedsharecapitalasofMarch1,2017. Unlesspreviouslyrenewed,revokedorvaried,theauthorityconferredbythisresolutionshallapplyinsubstitutionforallexistingauthoritiesundersection551oftheCompaniesActandexpireattheendofthenextannualgeneralmeetingoftheCompany(or,ifearlier,atthecloseofbusinessonJuly31,2018),savethatthe Board may, before such expiry, make offers or enter into agreements which would or might require shares tobe allotted or rights to subscribe for, or toconvert any security into, shares to be granted after such expiry and the directorsmay allot shares or grant such rights in pursuance of any such offer oragreementnotwithstandingthatthepowerconferredbythisresolutionhasexpired. ApprovalofthisresolutiondoesnotaffectanyshareholderapprovalrequirementsofNYSEforshareissuances,suchasinconnectionwithcertainacquisitionsorinconnectionwithraisingadditionalcapital.TheCompanywillcontinuetobesubjecttoNYSEshareholderapprovalrequirements.Thereisnopresentintentionofexercisingthisauthority. Vote Required Thisordinaryresolutionwillbeapprovedifasimplemajorityofthevotescastarecastinfavorthereof,assumingaquorumispresent.Ifthisproposaldoesnotreceivetherequiredshareholderapproval,theBoardwillbeunabletoallotequitysecuritiesafterApril30,2017withoutobtainingapprovalfromshareholders. Recommendation of the Board The Board recommends you vote FOR the ordinary resolution to authorize the Board to allot equity securities.


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PROPOSALS 13 and 14 Special Resolutions Authorizing theBoard to Allot Equity Securities Without Pre-emptive Rights Thespecial resolutions proposedin Proposals13 and14 are required periodically under the Companies Act and are customary for public limited companiesincorporatedunderthelawsofEnglandandWales.ThisauthorizationisrequiredasamatterofEnglishlawandisnototherwiserequiredforothercompanieslistedontheNYSEororganizedwithintheUnitedStates. InadditiontotheauthorizationtoallotsecuritiesassetforthinProposal12,undertheCompaniesAct,theissuanceofequitysecuritiesthataretobepaidforwhollyincash(exceptsharesheldunderanemployees’sharescheme)mustbeofferedfirsttotheexistingshareholdersinproportionto theirholdings.Suchrightsareknownas“pre-emptiverights.”However,underEnglishlaw,aspecialresolution,whichrequiresatleast75%ofvotescasttobecastinfavoroftheresolution,canbepassedatageneralmeetingofshareholderstodisapplypre-emptiverights.InconnectionwithourredomesticationtotheU.K.in2012,theBoardwasgrantedauthoritytoallotupto$18,750,000ofaggregatenominalvalueofshares(equalto150,000,000sharesatnominalvaluepershareof$0.125),consistingofoneormoreclassesofshares,withouttherequirementtocomplywithsuchpre-emptiverightsforaperiodoffiveyears.Thisauthoritytoallotnewshareswithouttherequirementtocomplywithpre-emptiverightswillexpireonApril30,2017. TheCompanyproposesthat, subject to thepassingof theresolutionincludedin Proposal 12, thedirectors of theCompanybegenerally empoweredto allotequity securities (asdefined in section 560of the Companies Act) pursuant to the authority conferred by Proposal 12 for cashfree of the pre-emptive rightsprovidedforbysection561oftheCompaniesActsubjecttothelimitationssetoutinProposals13and14.Theseresolutionswouldgivethedirectorstheabilityto raise additional capital by issuing Class A Ordinary Shares for cash without first offering them to existing shareholders in proportion to their existingshareholdings.Absentthisability,ourflexibilitytoissuessharestopursuestrategictransactionsorfinancegrowthwouldbelimited. Proposal13wouldallowthedirectorstoallotClassAOrdinarySharesforcashand/orsellClassAOrdinarySharesheldintreasurywithoutfirsthavingtooffersuchsharestoexistingshareholdersinproportiontotheirholdingsinthefollowingcircumstances:(a) inconnectionwithapre-emptiveoffer(butinthecaseofallotmentsauthorizedbyparagraph(b)ofProposal12,bywayofarightsissueonly);and(b) otherwisethaninconnectionwithapre-emptiveoffer,uptoanominalvalueof$800,178(beingequaltoapproximately5%oftheissuedsharecapitalof

theCompanyasofMarch1,2017)or6,401,424ClassAOrdinaryShares. Inaddition,Proposal14isbeingproposedasaseparatespecialresolutiontoauthorizethedirectorstoallotClassAOrdinarySharesforcashand/orsellClassAOrdinarySharesheldintreasuryforcashwithoutcomplyingwithpre-emptiverightsuptoanominalvalueof$800,178,butonlyforthepurposesofanacquisitionorspecifiedcapitalinvestmentasdetailedfurtherbelow. Proposal 13(a) - pre-emptive offer Theauthoritysetoutinparagraph(a)ofProposal13wouldenablethedirectorstoallotClassAOrdinarySharesorsellClassAOrdinarySharesheldintreasuryinapre-emptiveoffer,suchasarightsissueoropenoffer,withoutcomplyingwiththeprovisionsofChapter3ofPart17oftheCompaniesAct.Thiswould,forexample,givethedirectorsflexibilitytoexcludeshareholdersfromsuchanofferwheretheBoardconsidersitnecessaryorappropriatetodosotoavoidlegalorpractical problemsthat wouldotherwiseariseandtodeal withfractional entitlements tosharesinanexpeditiousmanner. Allotmentsandsalesauthorizedbyparagraph(b)ofProposal12canonlybemadeiftheofferismadebywayofarightsissue. Proposal 13(b) - general 5% disapplication Theauthoritysetoutinparagraph(b)ofProposal13wouldenablethedirectorstoallotClassAOrdinarySharesorsellClassAordinarysharesheldintreasuryforcashwithoutcomplyingwithpre-emptiverightsuptoanaggregatenominalamountof$800,178(beingequaltoapproximately5%oftheissuedsharecapitaloftheCompanyasofMarch1,2017)or6,401,424ClassAOrdinaryShares. Proposal 14 - additional 5% disapplication for acquisition or specified capital investment TheauthoritysetoutinProposal14wouldenablethedirectorstoallotClassAOrdinarySharesorsellClassAOrdinarySharesheldintreasuryforcashwithoutcomplyingwithpre-emptiverightsuptoanaggregatenominalamountof$800,178(beingequaltoapproximately5%oftheissuedsharecapitaloftheCompanyasofMarch1,2017)or6,401,424ClassAOrdinaryShares.AllotmentsandsalesauthorizedbyProposal14mayonlybemadeinconnectionwithanacquisitionor specifiedcapital investment of a kindcontemplated bytheStatement of PrinciplesonDisapplyingPre-emption Rights most recently publishedbythePre-EmptionGrouppriortothedateofthisproxystatementwhichisannouncedatthesametimeastheallotmentorwhichhastakenplaceintheprecedingsix-monthperiodandisdisclosedintheannouncementofthatallotment.Theauthoritytoallottheadditional5%oftheissuedsharecapitalwouldnotbeusedasamatterofroutine,butonlywheretheflexibilityismeritedbythenatureofthetransactionandisthoughttobetotheadvantageofshareholdersasawhole.


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Unlesspreviouslyrenewed,revokedorvaried,thepowerconferredbytheseresolutionsexpireattheendofthenextannualgeneralmeetingoftheCompany(or,ifearlier,atthecloseofbusinessonJuly31,2018),savethattheCompanymay,beforesuchexpirymakeoffersorenterintoagreementswhichwouldormightrequireequitysecuritiestobeallottedaftersuchexpiryandthedirectorsmayallotequitysecuritiesinpursuanceofanysuchofferoragreementnotwithstandingthatthepowerconferredbythisresolutionshasexpired. Vote Required The special resolutions contained in Proposals13 and 14 will be approved if shareholders representing at least 75%of the votes cast vote in favor thereof,assumingaquorumispresent.IfProposal13doesnotreceivetherequiredshareholderapproval,theBoardwillbeunabletoallotequitysecuritieswithouttheapplicationofpre-emptiverightsafterApril30,2017withoutobtainingapprovalfromshareholdersbywayofspecialresolution. Recommendation of the Board The Board recommends you vote FOR the special resolutions authorizing the Board to allot equity securities without the application ofpre-emptive rights.


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QUESTIONS AND ANSWERS ABOUT THE PROXY, MEETINGAND VOTING What is a proxy statement and what is a proxy? AproxystatementisadocumentthattheSECregulationsrequireustogiveyouwhenweaskyoutosignaproxydesignatingindividualstovoteonyourbehalf.Aproxyisyourlegaldesignationofanotherpersontovotethesharesyouown.Thatotherpersoniscalledaproxy.Ifyoudesignatesomeoneasyourproxyinawrittendocument,thatdocumentisalsocalledaproxyoraproxycard.PursuanttoauthorityfromtheBoard,theChairmanwilldesignateoneormoreproxiesfortheMeeting.

Why did I receive these proxy materials? WeareprovidingtheproxymaterialsinconnectionwiththesolicitationbyourBoardofproxiestobevotedatourMeetingandanycontinuation,adjournmentorpostponementthereof.ThisproxystatementcontainsinformationyoushouldconsiderwhendecidinghowtovoteinconnectionwiththeMeeting.WearefirstsendingtheproxymaterialstoshareholdersonoraboutApril13,2017.

When and where is the Meeting, and who may attend? TheMeetingwillbeheldonMay25,2017,beginningat2:00p.m.,Londontime(9:00a.m.,NewYorktime)atLatham&Watkins,99Bishopsgate,LondonEC2M3XF,UnitedKingdom. OnlyshareholderswhoownsharesasofMarch29,2017(the“recorddate”)mayattendtheMeeting.Eachshareholdermaybeaskedtopresentvalidpictureidentification,suchasadriver’slicenseorpassport.Shareholdersholdingsharesin“streetname”throughbrokerageaccountsorbyabankorothernomineemaybeaskedtoshowabrokeragestatementoraccountstatementreflectingshareownershipasoftherecorddateinordertoobtainadmittancetotheMeeting.Cameras,recordingdevicesandotherelectronicdeviceswillnotbepermittedattheMeeting.

Who is entitled to vote at the Meeting? YouareentitledtovoteattheMeetingoranyadjournmentorpostponementthereofifyouownedClassAOrdinarySharesasofthecloseofbusinessontherecord date. As of the record date, there were approximately 126,135,187 outstanding Class A Ordinary Shares entitled to vote at the Meeting. Subject todisenfranchisement inaccordancewithapplicablelawand/or our Articles, eachClassAOrdinaryShares(other thanthoseheldbytheCompany’s EmployeeBenefitTrust)isentitledtoonevoteoneachmatterproperlybroughtbeforetheMeeting.NootherclassofsecuritiesisentitledtovoteattheMeeting.PursuanttoourArticles,cumulativevotingrightsareprohibited. Anycorporationwhichis ashareholder of recordmaybyresolutionof its directorsor other governingbodyauthorizesuchpersonasit thinksfit to act asitsrepresentativeattheMeetingandthepersonsoauthorizedshall(onproductionofacertifiedcopyofsuchresolutionattheMeeting)beentitledtoexercisethesamepowersonbehalfofthecorporationasthatcorporationcouldexerciseifitwereanindividualshareholderoftheCompany. Inthecaseofjointholdersofashare,thevoteoftheseniorwhotendersavote,whetherinpersonorbyproxy,shallbeacceptedtotheexclusionofthevoteorvotesoftheotherjointholderorholders,andseniorityshallbedeterminedbytheorderinwhichthenamesoftheholdersstandintheregister. AcompletelistofshareholdersofrecordentitledtovotewillbeopentotheexaminationofanyshareholderforanypurposerelevanttotheMeetingforaperiodof10dayspriortotheMeetingatourofficesinHouston,Texasduringordinarybusinesshours.Thislistwill alsobeavailableatthelocationoftheMeetingandopentotheexaminationofanyshareholderpresentattheMeeting.

Who is soliciting my proxy to vote my shares? Our Board is soliciting your proxy for our representatives to vote your shares. Your proxy will be effective for the Meeting and at any adjournment orpostponementofthatMeeting.


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Why did I receive a notice of Internet availability of proxy materials instead of printed proxymaterials? Pursuant to rules adopted by the SEC, wehaveelected to provide access to our proxy materials over the Internet. Accordingly, we are sending a notice ofInternetavailabilityofproxymaterialstoourshareholders.Allshareholderswillhavetheabilitytoaccesstheproxymaterialsonthewebsitereferenced inthenotice. Youmayalsorequest to receiveaprintedset of theproxymaterials. Thenoticecontainsinstructionsonhowtoaccessthisproxystatement andourannualreport,howtovoteonlineorhowtorequestaprintedcopybymail.WeencourageyoutotakeadvantageoftheproxymaterialsontheInternet.Byoptingto receive the notice of availability and accessing your proxymaterials online, youwill save us the cost of producing andmailing documents andreducetheamountofmailyoureceiveandhelppreserveenvironmentalresources.

Why did I not receive a notice of the Internet availability of proxy materials? Ifyouelectedtoreceiveproxymaterialsbymailore-mailforanyofyourholdingsinthepast,youwereautomaticallyenrolledinthesameprocessforallofyourshareholdingsthisyear.Ifyouwouldliketochangethemethodofdelivery,pleasefollowtheinstructionsinthenoticeorinthequestionentitled“CanIchoosethemethodinwhichIreceivefutureproxymaterials?”below.

Can I choose the method in which I receive future proxy materials? Therearethreemethodsbywhichshareholdersofrecordandbeneficialownersmayreceivefutureproxymaterialsornoticethereof:• Notice and access: WefurnishproxymaterialsovertheInternetandmailthenoticetomostshareholders. • E-mail: Ifyouwouldliketohaveearlieraccesstoproxymaterialsandreduceourcostsofprintinganddeliveringtheproxymaterials,youcaninstructustosend all future proxy materials to you via e-mail. If you request future proxy materials via e-mail, you will receive an e-mail next year with instructionscontainingalinktothosematerialsandalinktotheproxyvotingwebsite.Yourelectiontoreceiveproxymaterialsviae-mailwillremainineffectuntil youchangeit.Ifyoudesiretoreceiveallfuturematerialselectronically,pleasevisitwww.proxyvote.comand,whenprompted,indicatethatyouagreetoreceiveoraccessshareholdercommunicationselectronicallyinfutureyears.

• Paper copies by mail: Youmay request paper copies by mail by using the website www.proxyvote.com, by calling +1-800-579-1639, by e-mail [email protected],c/oBroadridge,51MercedesWay,Edgewood,NY11717.

What constitutes a quorum? ForthepurposesoftheMeeting,theshareholderspresentinpersonorbyproxywhorepresentatleastamajorityofourClassAOrdinarySharesentitledtovoteattheMeetingwillconstituteaquorum.Abstentionsandbrokernon-voteswillbecountedaspresentandentitledtovoteforpurposesofdeterminingaquorumattheMeeting.

What is the difference between holding shares as a shareholder of record and as a beneficialowner? • Beneficial Owners. Ifyoursharesareheldforyouinthenameofyourbrokerorbank,yoursharesareheldin“streetname”andyouareconsideredthe“beneficialowner.”EithertheNoticeortheproxymaterialshavebeenforwardedtoyoubyyourbroker,bankorotherholderofrecord,whoisconsideredtheshareholderofrecordwithrespecttothoseshares.Asthebeneficialowner,youhavetherighttodirectyourbroker,bankorothershareholderofrecordonhowtovoteyoursharesbyusingthevotinginstructioncardincludedinthemailing.

• Shareholders of Record. IfyoursharesareregisteredinyournameonthebooksandrecordsofComputershareInvestorServicesPLC,ourtransferagent,youarea“shareholderofrecord.”Accordingly,wesenttheseproxymaterialsdirectlytoyou.


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How do I attend the meeting? • Beneficial Owners. If youareabeneficial owner (i.e. holdyour sharesin“street name”) andplantoattendtheMeeting, youmust presentproofofyourownershipofsharesintheCompanyasoftherecorddate,suchasabankorbrokerageaccountstatement.IfyouwishtovoteattheMeeting,youmustalsobringalegalproxyasdescribedunder“HowdoIvotemyshares?”

• Shareholders of Record. If youareashareholderofrecordatthecloseofbusinessontherecorddateandplantoattendtheMeeting,pleasebring thenoticetotheMeetingasyourproofofownershipofsharesintheCompany.

How do I vote my shares? • Beneficial holders. Ifyouareabeneficial owner(i.e. holdyoursharesin“street name”), youshouldfollowthevotingdirectionsprovidedbyyourbroker,bankorothernominee.YoumaysubmitinstructionsbytelephoneorviatheInternettoyourbroker,bankorothernominee,orrequestandreturnapaperproxycardtoyourbroker,bankorothernominee.WewilldistributewrittenballotstoanyonewhowantstovoteinpersonattheMeeting.Ifyouholdsharesin“streetname,”youmustobtainalegalproxyfromyourbroker,bankorothernomineeandpresentittotheinspectorofelectionwithyourballottobeabletovoteattheMeeting.

• Shareholders of Record. Ifyouareshareholderofrecord,youmayappointaproxytovoteonyourbehalfusinganyofthefollowingmethods: – bytelephoneusingthetoll-freetelephonenumbershownontheproxycard; – viatheInternetasinstructedontheproxycard; – bycompletingandsigningtheproxycardandreturningitintheprepaidenvelopeprovided;or – bywrittenballotattheMeeting. Telephone and Internet proxy appointment facilities for shareholders of record will be available 24 hours a day. If you give instructions as to your proxyappointmentbytelephoneorviatheInternet,suchinstructionsmustbereceivedby11:59p.m.(NewYorktime)onMay23,2017.Ifyouproperlygiveinstructionsastoyourproxyappointmentbytelephone,viatheInternetorbyexecutingandreturningapaperproxycard,andyourproxyappointment isnotsubsequentlyrevoked,yourshareswillbevotedinaccordancewithyourinstructions. Pleasesigntheproxycardexactlyasyournameappearsonthecard.If ashareholderofrecordisacorporation,limitedliabilitycompanyorpartnership,theproxycardshouldbesignedinthefullcorporate,limitedliabilitycompanyorpartnershipnamebyadulyauthorizedperson.Iftheproxycardissignedpursuanttoa power of attorney or by an executor, administrator, trustee or guardian, please state the signatory’s full title and provide a certificate or other proof ofappointment. Thereturn of a completed proxy card, or thesubmission of proxy instructions via the internet or by telephone, will not prevent a shareholder of record fromattendingandvoting at the Meeting. If youhaveappointed a proxyandattend theMeeting andvote in person, your proxy appointment will automaticallybeterminated. What are my voting choices for each of the resolutions and how will my shares be voted if I do not specify how they should be voted? What are therequirements to elect the directors and approve each of the other proposals? Withrespecttoeachresolution,youmayvote“for”or“against”oryoumayelectto“abstain.”Ifyouareashareholderofrecordandyouexecuteandreturnaproxycardbutdonotgiveinstructions,yourproxywillbevotedasfollows:• FORthere-electionorelection(asapplicable)ofallnomineesfordirectornamedinthisproxystatement(ineachcase,tobeapprovedbywayofaseparateordinaryresolution);

• FORtheadvisoryapprovalofthecompensationofourNEOsbywayofordinaryresolution; • FORtheadvisoryvotetoapprovethecompensationofNEOseveryyearbywayofordinaryresolution; • FORtheapprovaloftheDirectors’RemunerationPolicybywayofordinaryresolution; • FORtheadvisoryapprovaloftheDirectors’RemunerationReportbywayofordinaryresolution; • FORthereceiptoftheU.K.AnnualReportandAccounts,includingtheauditor’sreportcontainedtherein,bywayofordinaryresolution; • FORtheratificationoftheappointmentofDeloitteU.S.asourindependentregisteredpublicaccountingfirmfortheyearendingDecember31,2017bywayofordinaryresolution;

• FORthere-appointmentofDeloitteU.K.asourU.K.statutoryauditorbywayofordinaryresolution; • FORauthorizingtheAuditCommitteetodetermineDeloitteU.K.’sremunerationasU.K.statutoryauditorbywayofordinaryresolution; • FORtheapprovalofanamendmenttotheIncentivePlanbywayofordinaryresolution; • FORtheapprovaloftheformofShareRepurchaseContractsandtherepurchasecounterpartiesthroughwhichtheCompanymayconductrepurchasesbywayofordinaryresolution;

• FORtheauthorizationofourdirectorstoexerciseallpowersoftheCompanytoallotequitysecuritiesorgrantrightstosubscribefororcovertanysecurity

intoequitysecuritiesintheCompanybywayofordinaryresolution; • FORthe authorization of our directors to allot equity securities of the Companyfree of pre-emptive rights set forth the Companies Act by wayof specialresolution;and

• FORtheauthorizationofourdirectorstoallotequitysecuritiesoftheCompanyinconnectionwithanacquisitionorspecifiedcapitalinvestmentfreeofpre-emptiverightssetforththeCompaniesActbywayofspecialresolution.


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TheresolutionsproposedinProposals1,4and7through12willbeproposedasordinaryresolutions,whichmeansthat,assumingaquorumispresent,eachsuchresolutionwillbeapprovedifasimplemajorityofthevotescastarecastinfavorthereof.Abstentionsandbrokernon-voteswillnotbecountedasavoteeitherfororagainsttheseresolutions.Ifthenumberofvotescastagainstaresolutionexceedsthenumberofvotescastfortheresolution,theresolutionwillnotbe passed. For instance, in regard to the election of directors at the Meeting,a nominee for director will be elected to the Board if the votes cast “for” suchnominee’s election exceed the votes cast “against” such nominee’s election, without regard to abstentions. Under our Articles, when a quorum is present, anomineeseekingelectiontoadirectorshipwillbeelectedifasimplemajorityofthevotescastfororagainstarecastinfavoroftheresolutiontoelectthedirector. WithrespecttoProposal6(regardingthereceiptoftheCompany’sU.K.AnnualReportandAccounts)andthenon-bindingadvisoryresolutionsinProposal2(regarding the compensation of our named executive officers), Proposal 3 (regarding frequency of future advisory votes on executive compensation) andProposal5(regardingapprovaloftheDirectors’RemunerationReport),theresultsofthevotewillnotbelegallybindingontheBoardoranycommitteethereoftotakeanyaction(orrefrainfromtakinganyaction).However,ourBoardvaluestheopinionsofourshareholdersasexpressedthroughadvisoryvotesandothercommunicationsandwillcarefullyconsidertheoutcomeoftheadvisoryvotes. TheresolutionsproposedinProposal13and14willbeproposedasspecialresolutions,whichmeansthat,assumingaquorumispresent,theresolutionswillbeapprovedifshareholdersrepresentingatleast75%ofthevotescastvoteinfavorthereof.Abstentionsandbrokernon-voteswillnotbecountedasavoteeitherfororagainsttheseresolutions.Iffewerthan75%ofthevotescastontheresolutionarevotedinfavoroftheresolution,theresolutionwillnotbepassed.

Can I change my vote? • If you hold shares in “street name,” youmaysubmitnewvotinginstructionsbycontactingyourbroker,bankorothernominee.YoumayalsovoteinpersonattheMeetingifyouobtainalegalproxyasdescribedinthequestionentitled“HowdoIvotemyshares?”

• If you are a shareholder of record, youcanchangeyourvoteorrevokeyourproxyatanytimebeforetheMeetingby: – enteringalater-datedproxybytelephoneorviatheInternet; – deliveringavalid,later-datedproxycard; – sendingwrittennoticetotheOfficeoftheCompanySecretary;or – votingbyballotinpersonattheMeeting. AllClassAOrdinarySharesthathavebeenproperlyvotedandnotrevokedwillbevotedattheMeeting.AttendingtheMeetingwithouttakingfurtheractionwillnotautomaticallyrevokeyourpriortelephoneorInternetvoteoryourproxy. AllClassAOrdinarySharesthathavebeenproperlyvotedandnotrevokedwillbecountedinthevotesheldontheresolutionproposedattheMeeting.AttendingtheMeetingwithouttakingfurtheractionwillnotautomaticallyrevokeyourpriortelephoneorInternetvoteoryourproxy.

If you hold shares in “street name” through a broker, will my broker vote my shares for me? NYSE rules determine whether resolutions presented at shareholder meetings are “discretionary” or “non-discretionary” with respect to broker voting. If aresolutionisdiscretionary,abrokermayvoteontheresolutionwithoutvotinginstructionsfromtheowner.IfdeterminedtobediscretionarybytheNYSEunderNYSErules,theresolutionstoreceivetheCompany’sU.K.annualreportandaccounts(Proposal6),toratifytheappointmentofDeloitte&ToucheLLPasourU.S.independentregisteredpublicaccountingfirm(Proposal7),theresolutionstoreappointDeloitteLLPastheCompany’sU.K.statutoryauditor(Proposal8),andtheresolutionstoauthorizetheAuditCommitteetodeterminetheremunerationofDeloitteLLP(Proposal9)areconsidereddiscretionary.Thismeansthatbrokeragefirmsmayvoteintheirdiscretionontheseresolutionsonbehalfofclientswhohavenotfurnishedvotinginstructionsatleast10daysbeforethedateoftheMeeting. Incontrast,ifdeterminedtobe“non-discretionary”bytheNYSE,alloftheotherproposals,includingtheresolutionstoelectdirectors(Proposal1)andtosubmitanadvisoryvoteonNEOcompensation(Proposal2),are“non-discretionary”items.Thismeansbrokeragefirmsthathavenotreceivedvotinginstructionsfromtheirclientsontheseproposalsmaynotvoteonthem.Theseso-called“brokernon-votes”willbeincludedinthecalculationofthenumberofvotesconsideredtobepresentattheMeetingforpurposesofdeterminingaquorum,butwillnotbeconsideredindeterminingthenumberofvotesnecessaryforapproval.

What happens if I abstain or withhold my vote on any proposal? Abstentions are counted as present in determiningwhether the quorum requirement is satisfied. In determining the number of votes cast in respect of anyresolution,sharesthatabstainfromvotingorsharesnotvotedwillnotbetreatedasvotescastandwillnotbetakenintoaccountindeterminingtheoutcomeofanyoftheproposals.


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Who will count the votes? BroadridgeFinancialSolutions,Inc.willcountthevotesandsubmitthemtoourinspectorofelection.TheinspectorofelectionwillbepresentattheMeeting.

When will Rowan announce the voting results? WewillannouncethepreliminaryvotingresultsattheMeeting.WewillreportthefinalresultsinaCurrentReportonForm8-KfiledwiththeSEC.TheresultsofthepollstakenontheresolutionsattheMeetingandanyotherinformationrequiredbytheCompaniesActwillbemadeavailableontheCompany’swebsite(www.rowan.com)assoonasreasonablypracticablefollowingtheMeetingandforaperiodoftwoyearsthereafter.

May shareholders ask questions at the Meeting? Yes. The chairman of the Meeting will answerquestions fromshareholders during a designated question and answer period during the Meeting. In order toprovideanopportunityforeveryonewhowishestoaskaquestion,shareholdersmaybelimitedtotwominuteseachtopresenttheirquestion.Whenspeaking,shareholdersmustdirectquestionstothechairmanandconfinetheirquestionstomattersthatrelatedirectlytothebusinessoftheMeeting.

Who will pay for the cost of this proxy solicitation? Wesolicittheproxiesandwillbeartheentirecostofthissolicitation.Theinitialsolicitationofproxiesmaybesupplementedbyadditionalmailcommunicationsandbytelephone,fax,e-mail,Internetandpersonalsolicitationbyourdirectors,officersorotheremployees,orourproxysolicitor.Noadditionalcompensationforsolicitingproxieswillbepaidtoourdirectors,officersorotheremployeesfortheirproxysolicitationefforts.WehaveretainedInnisfreeM&AIncorporatedtoassist in the solicitation of proxies at a cost of $13,500 plus reasonable out-of-pocket expenses. We also reimburse brokerage firms and other custodians,nomineesandfiduciariesfortheirexpensesinsendingthesematerialstoyou.

Are there any other matters to be acted upon at the Meeting? At the date of this proxy statement, the Companydoes not know of any other matters to be raised at the Meeting other than those described in this proxystatement. If any othermatters are, in accordance with the Companies Act, other applicable law or the Articles, properly presented for consideration at theMeeting,suchmatterswill,subjecttotheCompaniesAct,theArticlesandapplicablelaw,beconsideredattheMeetingandtheindividualsnamedintheproxycardwillvoteonsuchmattersintheirdiscretion.

Who is the transfer agent? OurtransferagentisComputershareTrustCompany,N.A. All communicationsconcerningshareholder of recordaccounts, includingaddresschanges, namechanges,sharetransferrequirementsandsimilarissuescanbehandledbycontactingComputershareTrustCompany,N.A.at+1-888-868-8111(withintheU.S.,U.S.TerritoriesandCanada),+1-732-491-4324(outsidetheU.S.,U.S.TerritoriesandCanada),orinwritingatP.O.Box43078Providence,RI02940-3078orinwritingbyovernightdeliveryat250RoyallStreet,Canton,MA02021. IfyouhaveanyfurtherquestionsaboutvotingorattendingtheMeeting,pleasecontactourproxysolicitor,InnisfreeM&AIncorporated;Shareholderscalltoll-freeat:+1-888-750-5834(withintheU.S.andCanada)or0080046647000(internationally); BanksandBrokerscall collect at: +1-212-750-5833or+442077109960;Email:[email protected].


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SHAREHOLDER RESOLUTIONS FOR 2017 ANNUALGENERAL MEETINGProposal 1—Re-election and Election of DirectorsRESOLVEDTHAT,eachofWilliamE.Albrecht,ThomasP.Burke,ThomasR.Hix,JackB.Moore,SuzanneP.Nimocks,JohnJ.QuickeandToreI.Sandvoldishereby,bywayofseparateordinaryresolution,re-electedtoserveasdirectoruntilthe2018annualgeneralmeetingandeachdirectorwillcontinueinofficeuntiltheelectionandqualificationofhisorherrespectivesuccessor,oruntilhisorherearlierdeath,retirement,resignationorremovalandeachofCharlesL.SzewsandThierryPilenkoisherebyelectedtoserveasdirectoruntilthe2018annualgeneralmeetingandwillcontinueinofficeuntiltheelectionandqualificationofhisrespectivesuccessor,oruntilhisearlierdeath,retirement,resignationorremoval.Proposal 2—Advisory Resolution to Approve the Company’s Named Executive Officer (“NEO”) Compensation as Reported in this ProxyStatementRESOLVEDTHAT, the shareholders approve,on an advisory basis, the compensation of the Company’s NEOsas described in the proxy statement for theMeetingunder‘‘CompensationDiscussionandAnalysis’’ and‘‘ExecutiveCompensation,’’ includingthetabularandnarrativedisclosurecontainedintheproxystatement.Proposal 3—Advisory Resolution to Approve the Frequency of Future Advisory Votes to Approve the Compensation of NEOsRESOLVEDTHAT,theshareholdersapprove,onanadvisorybasis,thefrequencyoffutureadvisoryvotes,selectingamongonceeveryyear,everytwoyearsoreverythreeyears,onthecompensationoftheCompany’sNEOspursuanttothecompensationdisclosurerulesoftheSEC.Proposal 4—Ordinary Resolution to Approve the Directors’ Remuneration PolicyRESOLVEDTHAT, theDirectors’RemunerationPolicyincludedintheCompany’sDirectors’RemunerationReportwhichisincludedintheCompany’sannualreportandaccountsfortheyearendedDecember31,2016beandisherebyapproved.Proposal 5—Advisory Resolution on Directors’ Remuneration ReportRESOLVEDTHAT,theshareholdersapprove,onanadvisorybasis,theDirectors’RemunerationReportincludedintheCompany’sannualreportandaccountsfortheyearendedDecember31,2016.Proposal 6—Ordinary Resolution to Receive the Company’s Annual Report and AccountsRESOLVEDTHAT,thereceiptoftheCompany’sannualreportandaccountsfortheyearendedDecember31,2016,togetherwiththereportsofthedirectorsandtheauditorthereon,be,andeachherebyis,approved.Proposal 7—Ordinary Resolution Regarding the Ratification of Appointment of Independent Registered Public Accounting FirmRESOLVEDTHAT,theappointmentofDeloitte&ToucheLLPastheCompany’sindependentregisteredpublicaccountingfirmfortheyearendingDecember31,2017be,anditherebyis,ratifiedandapproved.Proposal 8—Ordinary Resolution Re-Appointing Deloitte LLP as the Company’s U.K. Statutory AuditorRESOLVEDTHAT,there-appointmentofDeloitteLLPastheCompany’sU.K.statutoryauditorundertheCompaniesAct2006,toholdofficefromtheconclusionofthe2017annualgeneralmeetinguntilthenextannualgeneralmeetingatwhichaccountsarelaidbeforetheCompanybe,anditherebyis,approved.Proposal 9—Ordinary Resolution to Authorize the Board of Directors to Determine the Company’s U.K. Statutory Auditor’s RemunerationRESOLVEDTHAT,theAuditCommitteebe,andherebyis,authorizedtosetDeloitteLLP’sremunerationasstatutoryauditor.Proposal 10—Ordinary Resolution to Approve the Amendment to the 2013 Rowan Companies plc Incentive Plan.RESOLVEDTHAT,theshareholdersapprovetheamendmenttothe2013RowanCompaniesplcIncentivePlan.Proposal 11—Ordinary Resolution to Approve Form of Share Repurchase Contracts and Repurchase CounterpartiesRESOLVEDTHAT, theformofsharerepurchasecontractsandrepurchasecounterpartiesincludedintheproxystatementbe,andeachherebyis,approved.Unlesspreviouslyrenewed,revokedorvaried,theseapprovalswillexpireonthefifthanniversaryofthe2017annualgeneralmeeting.


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Proposal 12—Ordinary Resolution to Authorize the Board to Allot Equity SecuritiesRESOLVEDTHAT, in accordance with section551 of the Companies Act 2006, the directors be generally and unconditionally authorized to exercise all thepowersoftheCompanytoallotsharesintheCompanyandtograntrightstosubscribefor,ortoconvertanysecurityinto,sharesintheCompany:(a) uptoanaggregatenominalamountof$5,281,175;and

(b) uptoafurtheraggregatenominalamountof$5,281,175,providedthat(i)theyareequitysecurities(withinthemeaningofsection560oftheCompanies

Act2006)and(ii)theyareofferedbywayofarightsissue.Unlesspreviouslyrenewed,revokedorvaried,theauthorityconferredbythisresolutionshallapplyinsubstitutionforallexistingauthoritiesundersection551oftheCompaniesAct2006andexpireattheendofthenextannualgeneralmeetingoftheCompany(or,ifearlier,atthecloseofbusinessonJuly31,2018),savethattheCompanymay,beforesuchexpiry,makeoffersorenterintoagreementswhichwouldormightrequiresharestobeallottedorrightstosubscribefor,orto convert any security into, shares to begranted after suchexpiry andthedirectorsmayallot sharesor grant suchrights in pursuanceof anysuchoffer oragreementnotwithstandingthatthepowerconferredbythisresolutionhasexpired.InProposal12:• “rightsissue”meansanofferofequitysecuritiesto: – holdersofClassAOrdinarySharesinproportion(asnearlyasmaybepracticable)totheirexistingholdings;and

– holdersofotherequitysecuritiesasrequiredbytherightsofthosesecuritiesorasthedirectorsmayotherwiseconsidernecessary,

butsubjecttosuchexclusionsorotherarrangementsasthedirectorsmaydeemnecessaryorappropriatetodealwithtreasuryshares,fractionalentitlements,recorddates,legal,regulatoryorpracticalproblemsin,orunder,thelawsofanyterritoryortherequirementsofanyregulatorybodyorstockexchangeoranyothermatter;and

• thenominalamountofanysecuritiesshallbetakentobe,inthecaseofrightstosubscribefor,ortoconvertanysecuritiesinto,sharesoftheCompany,thenominalamountofsuchshareswhichmaybeallottedpursuanttosuchrights.

Proposal 13—Special Resolution to Authorize the Board to Allot Equity Securities Without Pre-emptive RightsRESOLVEDTHAT,subjecttothepassingofresolution12,thedirectorsoftheCompanybegenerallyempoweredtoallotequitysecurities(asdefinedinsection560oftheCompaniesAct2006)pursuanttotheauthorityconferredbyresolution12forcashfreeoftherestrictioninsection561oftheCompaniesAct2006,providedthatthispowershallbelimitedtoallotmentsorsales:(a) inthecaseofallotmentsauthorizedbyparagraph(a)oftheordinaryresolutionabove,(i)inconnectionwithapre-emptiveofferor(ii)otherwisethanin

connectionwithapre-emptiveoffer,uptoanaggregatenominalamountof$800,178;and(b) inthecaseofallotmentsauthorizedbyparagraph(b)oftheordinaryresolutionabove,oftheequitysecuritiestobeissuedinconnectionwitharights

issue.Unlesspreviouslyrenewed,revokedorvaried,thepowerconferredbythisresolutionshallexpireattheendofthenextannualgeneralmeetingoftheCompany(or,ifearlier,atthecloseofbusinessonJuly31,2018),savethattheCompanymay,beforesuchexpirymakeoffersorenterintoagreementswhichwouldormight require equity securities to be allotted after such expiry and the directors may allot equity securities in pursuance of any such offer or agreementnotwithstandingthatthepowerconferredbythisresolutionhasexpired.InProposal13:• “rightsissue”hasthemeaninggiveninProposal12;• “pre-emptiveoffer”meansanofferofequitysecurities,openforacceptanceforaperiodfixedbythedirectorsto:(x)holdersofClassAOrdinarySharesinproportion(asnearlyasmaybepracticable)totheirexistingholdings;and(y)holdersofotherequitysecuritiesasrequiredbytherightsofthosesecuritiesorasthedirectorsmayotherwiseconsidernecessary,butsubjectinbothcasestosuchexclusionsorotherarrangementsasthedirectorsmaydeemnecessaryorappropriatetodealwithtreasuryshares,fractionalentitlements,recorddates,legal,regulatoryorpracticalproblemsin,orunder,thelawsofanyterritoryortherequirementsofanyregulatorybodyorstockexchangeoranyothermatter;

• referencetoanallotmentofequitysecuritiesshallincludeasaleoftreasuryshares;and• thenominalamountofanysecuritiesshallbetakentobe,inthecaseofrightstosubscribefor,ortoconvertanysecuritiesinto,sharesoftheCompany,thenominalamountofsuchshareswhichmaybeallottedpursuanttosuchrights.

Proposal 14—Special Resolution to Authorize the Board to Allot Equity Securities Without Pre-emptive Rights in connection with anAcquisition or Specified Capital InvestmentRESOLVEDTHAT,subject to thepassingof resolution 12, the directors of the Companybegenerally empoweredin addition to anyauthority grantedunderresolution13toallotequitysecurities(asdefinedinsection560oftheCompaniesAct2006)pursuanttotheauthorityconferredbyresolution12forcashfreeoftherestrictioninsection561oftheCompaniesAct2006,providedthatthispowershallbe:(a) limitedtoallotmentsorsalesuptoanaggregatenominalamountof$800,178;and

(b) usedonlyforthepurposesoffinancing(orrefinancing,iftheauthorityistobeusedwithinsixmonthsaftertheoriginal


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transaction)atransactionwhichthedirectorsdeterminetobeanacquisitionorspecifiedcapitalinvestmentofakindcontemplatedbytheStatementofPrinciplesonDisapplyingPre-emptionRightsmostrecentlypublishedbythePre-EmptionGrouppriortothedateoftheproxystatement.

Unlesspreviouslyrenewed,revokedorvaried,thepowerconferredbythisresolutionshallexpireattheendofthenextannualgeneralmeetingoftheCompany(or,ifearlier,atthecloseofbusinessonJuly31,2018),savethattheCompanymay,beforesuchexpirymakeoffersorenterintoagreementswhichwouldormight require equity securities to be allotted after such expiry and the directors may allot equity securities in pursuance of any such offer or agreementnotwithstandingthatthepowerconferredbythisresolutionhasexpired.InProposal14:• referencetoanallotmentofequitysecuritiesshallincludeasaleoftreasuryshares;and• thenominalamountofanysecuritiesshallbetakentobe,inthecaseofrightstosubscribefor,ortoconvertanysecuritiesinto,sharesoftheCompany,thenominalamountofsuchshareswhichmaybeallottedpursuanttosuchrights.


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ADDITIONAL INFORMATIONHouseholdingSECrulesnowallowustodeliverasinglecopyofthenotice(orproxymaterialsinthecaseofshareholderswhoreceivepapercopiesofsuchmaterials)toanyhousehold at which two or more shareholders reside if we believe the shareholders are members of the same family. This rule benefits both you and theCompany. We believe it eliminates wasteful duplicate mailings and reduces our printing and mailing costs. This rule applies to any annual report or proxystatement.Eachshareholderwillcontinuetoreceiveaseparateproxycardorvotinginstructioncard.Yourhouseholdmayhavereceivedasinglesetofthenotice(orproxymaterialsinthecaseofshareholderswhoreceivepapercopiesofsuchmaterials).Ifyouprefer to receive your own copy, or if you have received multiple copies and prefer a single set, please make your request by using the websitewww.proxyvote.com,bycalling1-800-579-1639,[email protected],c/oBroadridge,51MercedesWay,Edgewood,NY11717.If a broker, bank or other nominee holds your shares, you may continue to receive someduplicate mailings. Certain brokers will eliminate duplicate accountmailingsbyallowingshareholderstoconsenttosuchelimination,orthroughimpliedconsentifashareholderdoesnotrequestcontinuationofduplicatemailings.Since not all brokers and nominees may offer shareholders the opportunity to eliminate duplicate mailings, you may need to contact your broker, bank ornomineedirectlytodiscontinueduplicatemailingstoyourhousehold.IfyoureceivedmultiplenoticesorproxycardsinconnectionwiththeMeeting,pleasesign,dateandreturnallproxycardsoruseeachproxycardornoticetovotebytelephoneorviatheInternettoensurethatallofyoursharesarevoted.

Shareholders’ Rights to Call a General MeetingOurshareholdershavetherighttocallameetingofourshareholders.Specifically,CompaniesActgenerallyrequiresthedirectorstocallageneralmeetingoncetheCompanyhasreceivedrequeststodosofromholdersofatleast5%ofourshares.TheCompaniesActgenerallyprohibitsshareholdersofaU.K.publiclimitedcompanytopasswrittenresolutions. However,significantshareholderswould,inanycase,still havethepower tocall ageneralmeetingandproposeresolutions.TheseprovisionsaremandatoryundertheCompaniesActandcannotbewaivedbyourshareholders.

Section 16(a) Beneficial Ownership Reporting ComplianceAllofRowan’sdirectors,executiveofficersandanygreaterthan10%shareholdersarerequiredbySection16(a)oftheExchangeActtofilewiththeSECinitialreportsofownershipandreportsofchangesinownershipofsharesandtofurnishtheCompanywithcopiesofsuchreports.Basedonareviewofthosereports,webelievethatallapplicableSection16(a)filingrequirementswerecompliedwithduringtheyearendedDecember31,2016.

Annual ReportTheCompanywillfurnishwithoutchargetoanypersonwhoseproxyisbeingsolicited,uponwrittenrequestofsuchperson,acopyoftheU.S.AnnualReport.TheCompanywillfurnishtoanysuchpersonanyexhibitdescribedinthelistaccompanyingtheannualreportuponthepayment,inadvance,ofreasonablefeesrelatedtoourfurnishingsuchexhibit(s).Allrequestsforcopiesofsuchreportand/orexhibit(s)shouldbedirectedtotheCompanySecretaryattheofficeaddressshownbelow.

QuestionsIfyouhaveanyquestionsorneedmoreinformationabouttheMeeting,pleasewritetousatourofficesinHouston,Texas:

RowanCompaniesplcAttention:CompanySecretary2800PostOakBoulevard,Suite5450Houston,Texas77056


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ANNEX A (PART II) U.K. Statutory Directors’ RemunerationReportRowan Companies plc (the “Company”) is subject to disclosure regimes in both the U.S. and U.K. While some of the disclosure requirements in thesejurisdictionsoverlapor are otherwisesimilar, somediffer andrequire distinct disclosures. Asaresult, youwill findourU.K.statutoryDirectors’ RemunerationReport(the“Report”)requiredbyEnglishlawintwopartsofthisproxystatement:(i)theinformationincludedinPartI(alsoknownas“CompensationDiscussionandAnalysis”)) whichbeginsonpage32(referredtoat timesinthisAnnexAas“CD&A”),togetherwith, whereexpressly referred to, theBoardof DirectorsInformationsectionoftheproxystatement,andincludesdisclosurerequiredbytheSECaswellasEnglishlaw,and(ii)theinformationincludedinthisPartII(labeledAnnexA),whichincludesadditionaldisclosurerequiredunderEnglishlaw.PartIshouldbereadinconjunctionwiththisPartII.PursuanttoEnglishlaw,the Report also formspart of the statutory Annual Accounts andReports of RowanCompanies plc for the yearendedDecember 31, 2016. TheReport wasapprovedbytheBoardofDirectorsonMarch29,2017.

1. Statement by Chair of the Compensation CommitteeThemajordecisionsoftheCompensationCommitteeoftheBoard(the“Committee”)ondirectors’compensation(or“remuneration”assuchtermisusedintheU.K.regulationsandinterchangeablywith“compensation”throughoutthisPartII)andthechangestodirectors’remunerationduringtheyear(andthecontextforthesedecisionsandchanges)aresummarizedinCD&A.Particularhighlightsinclude:• therenewal of theDirectors’ RemunerationPolicyasrequiredbyUKlaw.Therevisedpolicy is largelyunchangedwithproposedupdatestoimprovetheoperationofthepolicynotedinthefinalcolumnofthemaintables;

• theExecutiveDirectorvoluntarilyimplementeda10%reductioninbasesalaryandtargetbonus;and• theCommitteedeterminedtomakeaone-offadditionalretentionawardtotheExecutiveDirectorassetoutintheImplementationofPolicysectionatSection3.6below.

2. Directors’ Remuneration PolicyTheDirectors’RemunerationPolicy(the“Policy”)waslastapprovedbytheCompany’sshareholdersattheannualgeneralmeetingofshareholdersonApril25,2014withapproximately96.7%ofvotesinfavor.ThatPolicywillbeeffectiveuntilthePolicyproposedbelowisapprovedbyshareholders.ThePolicyaspreviouslyapprovedisavailableinour2014proxystatementfiledwiththeSECatwww.sec.govandontheCompany’swebsiteatwww.rowan.comundertheheading“InvestorRelations-Financial/ProxyReports-ProxyMaterials.”ThefollowingsectioncontainsthematerialrequiredtobesetoutastheupdatedPolicyforthepurposesofPart4ofTheLargeandMedium-sizedCompaniesand Groups (Accounts and Reports) Regulations 2013, which amended The Large and Medium-sized Companies and Groups (Accounts and Reports)Regulations2008. This updated Policy will take effect, subject to the approval of the shareholders, fromApril 27, 2017, the date of the2017annualgeneralmeetingofshareholders(the“Meeting”).TheproposedupdatedPolicyislargelyunchangedfromthecurrentPolicyapprovedatthe2014annualgeneralmeetingofshareholderswiththemainproposedchangeshighlightedinanadditionalcolumn.

ROWAN COMPANIES PLC -2017ProxyStatementA-1

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2.1 Future Policy TableContext ofPolicy:

We operate in a highly competitive global offshore drilling market with relatively few publicly traded peers. The offshore drillingenvironment is strongly influenced by the factors shown below that significantly affect strategic decision making and companyperformance over time. Recruiting, hiring and retaining executives who understand and can evaluate this environment is key to oursuccess.Thesefactorsinclude:•complextechnicalexpertise;•overarchingeffectofworldoilmarkets;•largeconcentratedcapitalinvestmentswithlongpaybackhorizons;•cyclicalnatureofoilandgasdemandandpricing;•significanthiringneedsinatightlabormarketforemployeeswithhighlyspecializedskillsets;•stringentandevolvingcustomerdemands;and•impactoflaws,regulations,customs,safetyandenvironmentalconsiderationsaroundtheworld.As a solely U.S. listed company, changing the domicile of the Company to the U.K. did not change the Committee’s approach tocompensation arrangements which continue to be set having regard to a U.S. context.Formoreinformationregardingthecontextofourcompensationphilosophyandobjectives,pleaseseeCD&A.

Thefuturepolicytablessetforthbelowapplyinrespectof:• executiveofficersappointedtotheBoardofDirectors(“ExecutiveDirectors”);and• non-executivedirectors(“Non-ExecutiveDirectors”).Currently,ourChiefExecutiveOfficer(Dr.ThomasP.Burke)istheonlyexecutiveofficerontheBoard.AllotherdirectorsareNon-ExecutiveDirectors.IftheupdatedPolicyisnotapprovedattheMeeting,thecurrentPolicywillremaininforceuntilsuchtimeasshareholdersapproveanewpolicy.ThecurrentPolicyhasbeeneffectiveinaccomplishingtheCompany’scompensationgoalsandphilosophyandonlylimitedchangesareproposed.OurPolicyisdesignedtoprovidesufficientflexibilityforunanticipatedchangesincompensationpracticesandbusinessconditionstoensuretheCommitteehasappropriatediscretiontoreactasitdeemsprudent.TheCommitteeperiodicallyreviewsmarketpracticeandshareholderinputtodeterminetheappropriatelevelof flexibility in the policy and frequency of the mandatory vote in future years. Nothing in the followingPolicy is intended to broaden or change the powerscurrently available to the Committee or to impact the manner in which the Committee assesses decisions. Maximum caps are provided to comply with therequiredlegislationandshouldnotbetakentoindicateanintenttomakepaymentsatthatlevel.TheCommitteewillcontinuetoconsiderwhether,initsview,compensationarrangementsareintheoverallinterestsofshareholders.SlightlydifferentformatshavebeenusedinrespectofthetablesfortheExecutiveDirectorsandtheNon-ExecutiveDirectors.AlldollaramountsareshowninU.S.dollars,unlessindicatedotherwise.Executive DirectorsEXECUTIVE DIRECTOR BASE SALARY

Purpose and linkto strategy

HelpsattractandretainExecutiveDirectorsaspartofacompetitivetotalpaypackage.

Operation ExecutiveDirectorbasesalariesarenormallyreviewedatleastannuallybytheCommittee.TheCommitteereviewspayinformationamongtheCompany’soffshoredrillingpeercompanies(and/orsuchotherpeersasitconsidersappropriate)toensurethatsalariesremaincompetitive.TheCommitteedoesnottargetaspecificpercentileofthemarketdata,butinsteadtakesintoconsiderationthecompetitive conditions and the circumstances of the individual, such as tenure in the position, level of expertise, the Company’sretention needs, and responsibilities of the position, as well as a subjective judgment of the individual’s performance. There is nospecificweightinggiventoeachfactor.

TheCommitteenormallyconsiderstheappropriatenessoftheconstituentsofthepeergroupatleastonanannualbasisandmakes

changestothegroupasitconsidersappropriate.

Maximum TheU.K.legislationrequiresthepolicytosetamaximumlevel.Thepolicymaximumforanyindividualis$1.3millioninannualbasesalary.

TheCommittee will consider the factors set out under “Operation” whendetermining the appropriate level of basesalary within the

formalmaximum.

PerformanceConditions

None,althoughoverallperformanceoftheindividualisconsideredbytheCommitteewhensettingsalariesannually.

ProposedMaterial Changes

Nomaterialchangesproposed

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EXECUTIVE DIRECTOR ANNUAL BONUS (ANNUAL INCENTIVE PLAN (“AIP”)) 2


Motivates Executive Directors and rewards the achievement of financial, operational and strategic measures, as well as individualperformance.

Operation Atorfollowingthecommencementofeachfiscalyear,theCommitteedeterminestheindividualAIPincentivetarget(denominatedasapercentageofbasesalary)forExecutiveDirectorsandtheannualperformancemetricsanddiscretionarycomponent(s),ifany,oftheAIPplan.InordertomeettheCompany’s162(m)deductibilityobjectivespursuanttotheU.S.taxcode,theCommitteealsoapprovesthe“planwithintheplan”approach.Ifthedesignatedperformancethresholdsaremet,thenabonuspoolundertheAIPforallAIPawardswillbefunded at the maximum opportunity. This threshold performance hurdle is designed to ensure all AIP payouts within the plan aredeductibleunderSection162(m)anddoesnotreflecttheoperationalorfinancialmetricscontainedintheapplicableAIPplan.Once the bonus pool is funded, the Committee determines the actual bonus payout by using its discretion and assessing theCompany’sperformanceagainstthefinancial,operationalandstrategicmetricssetforthintheAIPplan.The Committee believes the AIP performance metrics are an appropriate mix of financial, operational and strategic measures. Anadditional portion of the AIP payout may be awardedat the discretion of the Committee having regard to achievement of strategicaccomplishmentsand/orpersonalperformancethatare,intheviewoftheCommittee,relevanttothecreationoflong-termshareholdervalue.AIPpayoutlevelsaredeterminedbytheCommitteeafterthefiscalyear-endandmadeincash,normallyinthefirstquarterfollowingtheyear-end.Whilenotcurrentlyintended,theCommitteereservestherighttopermitadditionalfeaturessuchastheconversionordeferralofallorpartofabonusintosharesorotherequityawardspermittedundertheIncentivePlan.Notwithstanding the formal AIP metrics, the Committee reserves the right to make any adjustment to any payout as it considersappropriate,subjecttotheoverallstatedmaximum.AIPawardsaresubjecttopotentialclawbackprovisionsasdescribedonpage47ofCD&A.

Maximum TheU.K.legislationrequiresaformalmaximumtobeset.ThemaximumAIPtargetissetat150%ofbasesalaryforExecutiveDirectors.TheCommitteebelievesthisreservessufficientflexibilityforchangesincircumstances.For2016and2017,Dr.Burke’sAIPtargetwas100% of base salary. The Committee will increase the AIP target bonus percentage for Executive Directors when it considers itappropriatetodosohavingregardtoperformance,marketfactorsand/orcompetitivepracticeandretentionneedsoftheCompany.Dependinguponperformance,apayoutof 0%–200%ofthetarget level maybeearned(with0%currently earnedif thethresholdlevels of performance are just met although the Committee may change the threshold level for future performance periods). TheCommitteemayreducethemaximumrangebelow200%forfutureawardsshoulditconsiderthattobeappropriate.Forexample,duetomarketconditions,theCommitteedeterminedtocappayoutunderthe2016AIPmetricsat150%oftargetforDr.Burkeandcertainotherexecutiveofficers.Consistent with U.S. practice, the Committee reserves the right to make other bonus payments on an exceptional basis which itconsiderstobeafairreflectionoftheparticularcontributionofanexecutiveand,intheviewoftheCommittee,appropriateandintheinterestsofshareholders.Whilethereisnocurrentintenttoutilizethisflexibility,theCommitteehasreserveddiscretiontomakesuchfurtherbonuspaymentsuptoanextraamountequaltotheAIPcap.


TheCommitteemaysetsuchconditionstotheAIPplanasitconsidersappropriate.Thoseconditionsmaybefinancial,non-financial,corporate,divisional,teamorindividualmeasuresandinsuchproportionsastheCommitteeconsidersappropriate.TheAIPmetricsaddressthechallengesofmanagingahighlycomplexandcyclicalglobalbusinessanddriveandrewardperformancethatsupportstheCompany’scorevalues.

Proposed MaterialChanges

Toprovidethat all or anypart of theannual bonusmaybedeclinedor deferredinexchangefor sharesor equity awardspermittedundertheIncentivePlan


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EXECUTIVE DIRECTOR LONG-TERM INCENTIVE COMPENSATION (“LTI”) 3


AlignsExecutiveDirectorbehaviorwithlong-termstrategicimperativesfortheCompany.Rewardsthecreationoflong-termshareholdervalue.AlignsExecutiveDirectorandshareholderinterests.

Operation The Company operates a long-term incentive plan that was approved by the shareholders at the 2013 annual general meeting ofshareholders as subsequently amended at the 2016 meeting and as proposed to be amended at the 2017 meeting. This policyreservestheabilitytouseallaspectsofthatplan.Inparticular,thefollowingawardsmaybemade:•RestrictedShareUnits(“RSUs”):therighttoreceiveoneshareoritsequivalentincash.•PerformanceUnits(“PUs”):anawardofcashand/orshares,subjecttoperformancemeasures;PUsmaybeexpressedasafixednumberofunitswithacashequivalentperunitormaybemadeinrespectofarealornotionalnumberofsharesandsettledincashorshares.

•DividendEquivalentRights(“DERs”):therighttoreceiveinsharesorcashthevalueofdividendspaidonsharessubjecttoawards(notapplicabletoOptionsorSARs).

Inaddition,thefollowingawardsmaybemadeundertheCompany’sincentiveplanalthoughthesetypesofawardsarenotcurrentlypartofourannualLTIprogram:•RestrictedShares(“RS”):restrictedgrantsofsharesthatremainsubjecttoasubstantialriskofforfeitureuntilvesting.•Options:marketvalueexercisepriceshareoptions.•ShareAppreciationRights(“SARs”):arighttoreceiveapayment,incashorshares,equaltotheexcessofthefairmarketvalueofaspecifiednumberofsharesonthedatetheawardisexercisedoveraspecifiedgrantprice.

•BonusShares:awardedbasedonperformanceandnotsubjecttorestrictions.•OtherPerformanceAwards:grantedsubjecttoperformancecriteriaspecifiedbytheCommitteeandapplyingsuchbusinesscriteriaandothermeasuresofperformanceasitmaydeemappropriatetodeterminetheamountsorproportionsofawardsthatwillvest.

Thetermsofeachformofaward,includingvestingperiodsandtheapplicationofanyperformanceconditions,willbedeterminedbytheCommitteepriortoeachgrant.LTIawardsaresubjecttopotentialclawbackprovisionsasdescribedonpage47ofCD&A.Currently,RSUs,RS,SARsandOptionawardsaresettledinshares,orwithregardtoSARsandOptions,incashatthediscretionoftheCommittee.PUsawardedpriorto2016delivercashbasedontheattainmentoftheperformanceconditionsdescribedherein.PUsawardedin2016andgoingforwardmaybesettledincashorsharesoracombinationatthediscretionoftheCommittee.TheCompany’spolicyistohonorthevestingofallawardsgrantedunderpreviouspolicies.

Maximum The Company’s current, shareholder approved incentive plan, as amended, provides that no participant may be granted Options,SARs, RSUs, RS, bonusshares, performanceawards (whichincludePUs)or dividendequivalents in anyoneyear periodcoveringmorethan1,500,000sharesor$15,000,000(basedongrantdatevalue)ifcashsettled.The Committee expressly reserves discretion tomake such awards as it considers appropriate within these limits having regard tosuch factors it considers appropriate including performance, market factors and/or competitive practice and retention needs of theCompany.TheCommitteemayalsoincreaseordecreasethemultipleofawardsmadeinanyyear(subjecttotheplanmaximum)andthemixofperformancebasedawardsinanyyearinlightofperformanceand/orcompetitivepractice.


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Other than vesting periods, RSUs, RS, SARs and Option awards are not presently subject to additional pre-vest performanceconditions. This is consistent with U.S. practice for simplicity in the reward structure and to align a portion of Executive Directorcompensationwithshareholderoutcomes.PUs(andotherawardsasdeterminedbytheCommittee)maybeawardedsubjecttosuchperformanceconditionsastheCommitteeconsidersappropriate(whetherfinancialornon-financial,relativeorabsoluteandwhethercorporate,divisional,teamorindividual).Currently outstanding PUsare subject to a totalshareholder return (“TSR”) performance measure relative to a designated offshoredrillingpeergroup.The Committee reviews and selects the peer group annually based on the Company’s competitors within the drilling industry andCompany’sbusinessstrategyandunderlyingoperations.PursuanttotheCompany’sincentiveplanandgrantagreements,suchpeergroupmaybemodifiedasdeemednecessarybytheCommittee.TheCommitteeappliesrelativeTSRtoPUsasitlinksanelementofrewardtorelativeperformanceagainsttheCompany’speers.However,pursuanttothetermsoftheCompany’sincentiveplan,theCommitteemay,fromtimetotime,useothercriteriaandothermeasures of performance as it may deem appropriate. Any such goals may be determined on an absolute or relative basis or ascomparedtotheperformanceofapublishedorspecialindexorinternalbenchmarkdeemedapplicablebytheCommittee.PerformancemeasurementperiodsforPUsaredescribedinnote(3)below.


Thecaponthevalueofshareswhichmaybeawardedisamendedtoreflectchangestotheincentiveplanwhichwereapprovedbyshareholdersatthe2016AGM.

EXECUTIVE DIRECTOR BENEFITS 4


HelpsrecruitandretainExecutiveDirectors,althoughthegeneralapproachistode-emphasizeindirectelementsofcompensation.

Operation AnExecutiveDirectoriseligibletoreceiveallbenefitsavailabletoseniorstafffromtimetotimeasdeterminedbytheCommittee.TheCommittee periodically considers both the range of such benefits and whether such benefits may be appropriate for a particularExecutiveDirectorormoregenerally.Benefitstypicallyincludemedical,dental,vision,lifeandaccidentaldeathanddismemberment(“AD&D”)insuranceandshorttermandlong-termdisabilitybenefitsonthesametermsasotheremployees.Asforallseniorexecutives,theCompanypaysforanExecutiveDirectortoperiodicallyhaveacompletephysicalexam.Inaddition,theCompanypaysforexpensesrelatedtobusinesstravelandaccommodationsandforpreparationofaU.K.taxreturn.Recognizing that an Executive Director may incur (i) taxes outside his/her home country which he/she would not bear but for thedomicileoftheCompanyoutsidetheexecutive’shomecountryand/or(ii)taxesatahigherratethanmayotherwisebethecase,theCommittee may authorize full or partial tax equalization payments (inclusive of gross up payments as appropriate) to mitigate oreliminatesuchadditionalburden.

Maximum Unlike other elements of compensation, the cost of providing benefits may change without any action by the Committee. This isparticularlythecasefortheCompanybecauseithaschosentoself-insuremedicalbenefitsbecausethisislessexpensivecomparedtohavingthirdpartyinsurance.TheCompanydeterminesthevalueofsuchbenefitsbasedontheprojectedaverageclaimcostsforanemployeeandtheircovereddependents(andwillusesuchcalculationindeterminingthecaponbenefits).However,theactualcosttotheCompanyofanExecutiveDirector’smedicalcostscouldbemorethantheaverageprojectedcostinanygivenyearbasedontheactualclaimstheExecutiveDirectorandhisorhercoveredfamilymembersincur.TheCompanymonitorstheoverallcoststoensurethattheprovisionofbenefitsremainsanappropriateuseoftheCompany’sfunds.Themaximumvalueofallhealthandwelfarebenefits(calculatedasexplainedabove)togetherwithanyotherbenefits(excludingtaxequalizationpayments)willnotexceedamaximumof$150,000peryear.TheCommitteemayalsoagreethattheCompanypayforcertainrelocationexpensestheCommitteeconsiderstobeappropriate,uptoamaximumof$150,000foradomesticrelocationand$500,000foraninternationalrelocation.Suchpaymentswillbecappedatsuchamountaswouldresultinanafter-taxpositionunderwhichtheindividualcouldreasonablybeexpected to be in as if the Companyhadbeendomiciled in the executive’s homecountry (as advised by a reputable tax advisor),inclusiveofanytaxtobepaidonsuchtaxequalizationpayment.


N/A


ClarifythattaxequalizationmayformpartofExecutiveDirectorremuneration


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EXECUTIVE DIRECTOR PENSIONS


ToattractandretainExecutiveDirectors.

Operation TheCompanyoperatespensionarrangementsinwhichanExecutiveDirectormayparticipateasfollows:Underourcashbalancepensionplan(the“PensionPlan”),suchpercentageasdeterminedbytheCompanyofanemployee’seligiblecompensation(which,consistentwithU.S.practice,includescashbonuses)arecreditedtoanotionalaccount,subjecttoU.S.InternalRevenueService(“IRS”)capsonthevalueofeligiblecompensation(in2016,$265,000).TheCompanyhasdefinedthepercentageofpaycreditthatisprovidedtoeachemployeeinthegoverningplandocument.Mostparticipantsreceivethesamepercentageofpaycredit;however,somelongerserviceemployeesreceiveanadditionaltransitionpaycredit.Under the restoration plan (the “Restoration Plan”), the Company credits the percentage, as determined by the Committee, of anemployee’seligiblecompensationovertheIRScapmentionedabovetotheemployee’sRestorationPlanaccount.UndertheSavingsPlan(the“SavingsPlan”),theCompanymatchescontributionsupto6%asmadebytheemployee.AswiththePensionPlan, amounts inexcessof theIRScapfor SavingsPlancontributionsarecreditedtotheExecutiveDirector’sRestorationPlanaccount.TheCompanyreservestherighttochangetheprecisetermsofsucharrangementswithintheoverallpermittedcostmaximum.TheCompanyperiodicallyreviewspensionprovisionsandreservestherighttoamendthelevelofbenefitsprovidedtoanExecutiveDirector.The Company will honor the pensions obligations entered into under all previous policies in accordance with the terms of suchobligations.

Maximum Assessing the maximumcost of pension arrangements involves some element of judgment using a wide range of methodologies.Usingthesinglefigurebasis within theU.K. legislation (whichlooksat thevalueof anyannual contribution), andbecausetheU.K.legislation requires a maximum figure for each element to be set, the Committee has set a maximum annual cost of pensionarrangementsof$430,000perindividual.TheCommitteeanticipatestheactualannualcostofpensionbenefitstobelessthanthisfigureandwill monitortheoverall coststoensureitissatisfiedthattheprovisionofpensionbenefitsremainsanappropriateuseoftheCompany’sfunds.


N/A


Nomaterialchangesproposed


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EXECUTIVE DIRECTOR SHARE OWNERSHIP GUIDELINES


ForanExecutiveDirectortobuildandmaintainalong-termownershipposition.

Operation TheCompanyhasadoptedshareownershipguidelineswhichapplytoexecutivesservingontheBoardofDirectors.Tofacilitatetheimplementationoftheseguidelines,anExecutiveDirectorisrequiredtoretainapercentageof“availableshares”asdeterminedfromtimetotime(presently35%)untiltheguidelinelevelisachieved,atwhichtimetheretentionlevelreduces.TheretentionrequirementceasestoapplyoncetheExecutiveDirectorreaches200%oftheapplicableownershipguidelineoruponreachingage60.Available shares includes shares remaining fromaward vestings afterpayment of taxes, fees, commissions andany exercise pricepayments.Theguidelinesarenotcontractualandnopenaltyarisesfornon-compliance.

Maximum ThevalueoftheavailablesharesheldmustequalorexceedfivetimesbasesalaryfortheCEO(anExecutiveDirector).ItisintendedthatanyotherExecutiveDirectorwouldbesubjecttothesamerequirement(althoughtheCommitteereservestherighttosetalowerlevel).TheCommitteereservestherighttomaketheseguidelinesmore(butnotless)onerous.


N/A


None

EXECUTIVE DIRECTOR MISCELLANEOUSPurpose and linkto strategy

TohonoranExecutiveDirector’scontributionstotheBoardandCompany.

Operation Uponretirement fromthe Board, the Company maymake a charitable contribution on behalf of the retiring Executive Director to acharityofhisorherchoiceand/orpresentaretirementgift.

Maximum AstheU.K.legislationrequiresamaximumfigureforeachelementtobeset,theCommitteesetanannualmaximumof$25,000perindividual.


N/A


None

Notes:(1) WheretheCompany’spaypolicyfordirectorsdiffersfromitspaypoliciesforgroupsofemployees,thisreflectstheappropriatemarketratepositionfortherelevantroles.(2) ThecurrentperformancemeasuresfortheAIPcompriseamixoffinancial,operationalandstrategicmetricsassetoutinsection3.5ofthisreport.Thesemetricsare

alignedwithkeyperformanceindicatorsusedwithinthebusinesstomonitorperformancewhichwebelieveareappropriatemeasuresforincentivepurposes.(3) ThecurrentLTIperformanceawardscompriseamixofrestrictedshareunits(which,consistentwithUSpractice,arenotsubjecttopre-vestperformancecriterion)and

PUsinrespect of whichperformanceis measuredineachyearof thethree-year measurement periodswith25%of thefinal valuedeterminedineachyear, andtheremaining25%basedonperformanceovertheentirethree-yearperformanceperiod.Thereisnovestingorpayoutuntilthethirdanniversaryofgrant.PUspayoutonarangeof 0%to 200%of initial unit valuesof $100per unit, currently basedontheCompany’s relative TSRperformancewith a0%payout for finishing last, a 200%payoutforfinishingfirstandwithinterpolatedpayoutsbetweenthesepoints.Forfurtherinformation,pleaseseepages44through46ofCD&A.WebelievethisstructureisaneffectivemeasureoftherelativeperformanceoftheCompanyovertimerelativetoselectedpeersandappropriateforincentivepurposes.

(4) While the Committee does not consider it to formpart of benefits in the normal U.S. usage of that term, the Committee has been advised that corporate hospitality(includingthehostingofadinneronretirement)andattendanceatotherevents(includingtravel)foradirectorand/ormembersofhisorherfamily(whetherpaidforbytheCompanyoranother)maytechnicallycomewithintheU.K.definitionofbenefits.Therefore,theCommitteeexpresslyreservestherightfortheCompanytoauthorizeattendanceatsuchactivitieswithinitsagreedpoliciesandnottocountsuchitemstowardsthemaximumlimit.


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Non-Executive DirectorsThefuturepolicytablesetforthbelowappliesinrespectofNon-ExecutiveDirectors1:NON-EXECUTIVE DIRECTOR FEES


Toappropriatelyrecruit,retainandcompensateNon-ExecutiveDirectorsofthehighestcaliber.

Operation FeelevelsareperiodicallyreviewedbytheCommitteehavingregardtoexternalcomparatorssuchastheCompany’speergroupandothermarketfactors.TheCommitteedoesnottargetaspecificpercentileofthemarketdata,butinsteadtheCommitteeexercisesjudgmentastowhatitconsiderstobereasonableinallthecircumstancesregardingbothquantumandthemixofpayhavingregardtocompetitivepositionandsuchotherfactorsasitconsidersrelevant.Within the stated maximum, the Committee reserves the right to consider how to structure the Non-Executive Directors’ fees andwhether to utilise a general retainer, committee membership, chairmanship,attendancefees, or boardattendanceor timebasedortravelallowances.Non-Executive Directors typically receive anannual cashretainer fee plus additional fees for serving as non-executive Chair, LeadDirectorandChairofboardcommittees.

Maximum Under U.K. legislation, non-employee directors are equally subject to policy caps as their executive colleagues. Accordingly, theCommitteewilloperatewithinanannualcashcapperindividualof$350,000.However, shouldtheCommitteereduceorceasetomakeequityawardsasdetailedbelow,thecapfordirectors’ feesstatedabovemaybeincreasedbytheunusedelementofthemaximumvalueofthecaprelatingtoequityawards.


N/A


None


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NON-EXECUTIVE DIRECTOR EQUITY AWARDS


Toappropriatelyrecruit,retainandcompensateNon-ExecutiveDirectorsofthehighestcaliber.ToalignNon-ExecutiveDirectors’interestswithshareholders.

Operation NewNon-ExecutiveDirectorsreceiveapro-ratedannualequitygrantuponjoiningtheBoard.AnnualequityawardsaretypicallygrantedtoNon-ExecutiveDirectorsaroundthetimeoftheCompany’sannualgeneralmeetingbutmaybeawardedinconnectionwithaspecial shareholders’meetingif theannual general meetingis otherwisedelayedbeyondtheusualmeetingdate.SuchequityawardsmaybeintheformofRSUs,RS,SARs,optionsoranyotherequityawardspermittedundertheCompany’sincentiveplan.AllsuchawardsshallbesubjecttovestingperiodsassetbytheCommittee.ThevalueofequityawardsgrantedtoNon-ExecutiveDirectorsisperiodicallyreviewedalongsidethelevelofcashfees.TheCompanydoesnotadoptaquantitativeapproachtopaypositioning.TheCommitteeexercisesjudgmentastowhatitconsiderstobereasonableinallthecircumstancesregardingbothquantumandthemixofcompensationinlightofmarketconditions.Theoutstandingnon-vestedRSandRSUawardsgrantedtoNon-ExecutiveDirectorsin2016vestinfullontheearlierof(i)thedateoftheannualmeetingsubsequenttothegrantdateand(ii)thefirstanniversarydateofthegrant.Beginning with the 2017 grants, equity grants (whether as RSor RSUs)awardedto Non-Executive Directors maybe(1) settled insharesorincash,atthediscretionoftheCommittee,and(2)settledeitheratvestingoruponterminationofservicefromtheBoardattheelectionoftheNon-ExecutiveDirectorinaccordancewithUStaxprovisions.TheCompany’spolicyistohonorthevestingofallawardsgrantedunderpreviouspolicies.

Maximum Pursuant to theCompany’scurrent shareholder approvedincentiveplan, noNon-Executive Director maybegrantedawardsin anyoneyearperiodworthmorethan$600,000(basedongrantdatevalue)whichistheformalcapforthepurposesoftheU.K.legislation.AnyincreasesorchangesinthetypeandvalueofequityawardswillreflecttheCommittee’sassessmentofcompetitiveconditionsandthecaliberofthedirectors.


Noperformance conditions apply to Non-Executive Director equity grants in order to ensure Non-Executive Directors maintain theirindependence.PursuanttotheCompany’sshareownershipguidelines,Non-ExecutiveDirectorsmustretainshares,whichincludeequitygrants,withavalueatleastequaltofivetimestheannualretainer.Non-ExecutiveDirectorshavefiveyearsfrominitialappointmenttotheBoardtomeettheownershipthreshold.TheCommitteereservestherighttomaketheseguidelinesmore(butnotless)onerous.Theguidelinesarenotcontractualandnopenaltyarisesfornon-compliance.


ClarifythatRSUsmaybesettleduponvestingtobeconsistentwithRS(thepreviousPolicyprovidedforsettlementofRSUsonlyupondeparturefromtheBoard)


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NON-EXECUTIVE DIRECTOR BENEFITS 2 /PENSIONS


N/A

Operation Non-ExecutiveDirectorsarenoteligibleforCompanybenefitsorpension.TheCompanypaysfor,orNon-ExecutiveDirectorsreceivereimbursementof,expensessuchastravelandaccommodations.Recognizing that a Non-Executive Director may incur taxes outside his/her home country which he/she would not bear but for thedomicileoftheCompanyoutsideofthedirector’shomecountryand/orincurtaxesatahigherratethanmayotherwisebethecase,the Committee may authorize full or partial tax equalization payments (inclusive of any tax gross up as applicable) to mitigate oreliminatesuchadditionaltaxes.

Maximum ReimbursementorpaymentbytheCompanyforexpenses,suchastravelandaccommodations,arenotconsideredtobebenefitsinthe normal U.S. sense. Given the mandatory nature of the new U.K. legislation, a formal annual cap (excluding tax equalizationpayments)of$200,000perindividualNon-ExecutiveDirectorhasbeensetforsuchexpenses.Suchpaymentswillbecappedatsuchamountaswouldresultinanafter-taxpositionunderwhichtheindividualcouldreasonablybeexpected to be in as if the Company had been domiciled in the director’s home country (as advised by a reputable tax advisor),inclusiveofanytaxtobepaidonsuchtaxequalizationpayment.


N/A


Provideflexibilityfortaxequalizationpayments

NON-EXECUTIVE DIRECTOR MISCELLANEOUSPurpose and linkto strategy

Tohonoradirector’scontributionstotheBoardandCompany.

Operation UponretirementfromtheBoard,theCompanymaymakeacharitablecontributiononbehalfoftheretiringNon-ExecutiveDirectortoacharityofhisorherchoiceand/oraretirementgift.

Maximum AstheU.K.legislationrequiresamaximumfigureforeachelementtobeset,theCommitteehassetanannualmaximumof$25,000perindividual.


N/A


None

Notes:(1) Thetable abovefor Non-Executive Director compensation policy doesnot includeasection for the AIPor annual bonusesbecauseNon-Executive Directors are not

eligibletoparticipateinsucharrangements.Anyotherdifferencesinthetablereflectterminologyforthedifferentroles.(2) WhiletheCommitteedoesnotconsiderittoformpartofbenefitsinthenormalusageofthatterms,theCommitteehasbeenadvisedthatcorporatehospitality(including

the hosting of a dinner on retirement) and attendance at other events (including travel) for a director and/or members of his or her family (whether paid for by theCompanyoranother)maytechnicallycomewithintheU.K.definitionsotheCommitteeexpresslyreservestherightfortheCompanytoauthorizeattendanceatsuchactivitieswithinitsagreedpoliciesandnottocountsuchitemstowardsthemaximum.


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2.2 Recruitment Remuneration Policy• In termsof the principles for setting a package for a newExecutive Director, the starting point for the Committee will be to look to the general policy forExecutiveDirectorsassetoutaboveandstructureapackageinaccordancewiththatpolicy.ConsistentwiththeU.K.legislation,thecapscontainedwithinthegeneralpolicyforfixedpaydonotapplytoarecruit eitheronjoiningorforanysubsequentannualreviewwithinthelifeofthispolicyasapprovedbyshareholdersalthoughtheCommitteedoesnotenvisageexceedingthoselevelsinpractice.

• Ignoringanyspecial buy-out arrangementswhichmayprovetobenecessary, theannual bonusandlong-termincentivecompensationarrangementswilloperate(includingthemaximumawardlevels)asdetailedinthegeneralpoliciesinrelationtoanynewlyappointeddirector.

• Foraninternalappointment,anyvariablepayelementawardedinrespectofthepriorrolemayeithercontinueonitsoriginaltermsorbeadjustedtoreflectthenewappointment,asappropriate.Intheyearofpromotionforaninternalappointment, additionalequity-relatedincentiveawardsmaybemadetotheindividual.

• The Companymaymakea contribution towards legal fees in connection with agreeing employment terms. TheCompany mayalso agree to pay certaintaxesshouldanExecutiveDirectorbeaskedtorelocatetoadifferentcountry,suchthattheExecutiveDirectorpaysnomorethanwouldhavebeenrequiredinthehomelocation.

• Where it is necessary to make a recruitment related pay award to an external candidate, theCompany will not pay more than the Committee considersnecessaryandwillinallcasesseek,inthefirstinstance,todeliveranysuchawardsunderthetermsoftheexistingpaystructure.Detailsofanyrecruitment-relatedawardswillbeappropriatelydisclosed.

• Allsuchawardsforexternalappointments(whethertobuy-outforfeitedawardsornegotiatedasasign-ongrant),whetherundertheAIPorLTIprogram,willtake account of the nature, time-horizons and performance requirements for any remuneration relinquished by the individual when leaving a previousposition,andwillbeappropriatelydiscountedtoensurethattheCompanydoesnot,intheviewoftheCommittee,over-pay.

• For the avoidance of doubt, where recruitment related awards are intended to replace existing awards held by a candidate in an existing employer, themaximumamountsforincentivepayasstatedinthegeneralpolicieswillnotapplytosuchawards.TheCommitteehasnotplacedamaximumlimitonanysuchawardswhichitmaybenecessarytomakeasitisnotconsideredtobeinshareholders’intereststosetanyexpectationsforprospectivecandidatesregardingsuchawards.Anyrecruitment-relatedawardswhichdonotreplaceawardswithapreviousemployerwillbesubjecttothelimitsasdetailedinthegeneralpolicy.

2.3 Policy on Payments for loss of officeItistheCompany’spolicytohavechangeincontrolagreementswithitsExecutiveDirector(s)whichgovernpaymentsarisingfollowingachangeofcontroloftheCompany.ForfurtherdetailsregardingpotentialpaymentstoanExecutiveDirectorforlossofoffice,pleaseseeSeveranceArrangementsbeginningonpage48ofCD&A.Theprinciplesregardingpotentialamountspayableunderthechangeincontrolagreements(includinginrespectofLTIawards)aresetforthinthatsection.The U.K. legislation does not require the inclusionof a cap or limit in relation to payments for loss of office. TheCommittee will take all relevant factors intoaccountindecidingwhetheranydiscretionshouldbeexercisedinanindividual’sfavorinthesecircumstances,andtheCommitteewillaimtoensurethatanypaymentsareappropriateinaU.S.contextandarefairandreasonable.Inadditiontoanysuchpayments,theCommitteereservesdiscretionto:• Authorizeretentionofperquisitesandhealthandwelfarebenefits; • Payanannualbonusfortheyearofdeparture; • Retainoracceleratevestingofanyoutstandingawards; • PayanyunvestedPUsatthegreateroftargetoractualperformance;and • Provideoutplacementservicesinanamountnottoexceed$25,000.Anyamountsalreadyaccruedundernon-qualifieddeferredcompensationarrangements, anypensionrelatedarrangementsortheSavingsPlanhavealreadyaccruedtotheexecutiveandwillberetainedandwillnotbeaterminationpayment.ForpensionandbenefitrestorationplanbenefitspayabletoourNEOsasofDecember31, 2016uponavoluntarytermination, involuntaryterminationor achangeof control, pleaseseethe“PotentialPost-EmploymentPaymentTable”beginningonpage58ofCD&A.Insummary:• TheCompanydoesnothaveemploymentagreementswithexecutives(andthereforetherearenosuchagreementswithanoticeperiod).Uponadeparture,the Committee’s policy will be to determine whether any payments are prudent or due to the departing Executive Director dependent upon the actualcircumstancesandthetermsoftheapplicablechangeincontrolagreement.

• Pursuant to the Company’s retirement policy for acceleration of certain equity awards, for awards made on or after March 6, 2013, upon an employeeattainingage60withfiveyearsofconsecutiveservice(“retirementeligibility”),certainlong-termincentiveawardsgrantedmorethansixmonthspriortotheretirementdatewillnolongerbesubjecttoriskofforfeitureuponreachingretirementeligibility.BeginningwithawardsgrantedinFebruary2017,theBoardmodifiedtheretirementpolicysuchthatRSUsheldbyanemployeewillcontinuetovestandbe


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settledontheregular vestingscheduleset forth intheapplicableawardnotice(asopposedtouponretirementdate)andPUswill bepro-ratedfortheperiodemployedandpaidontheregularpaymentdate.Theacceleratedvestingmaybesubjecttoanyconditionsorlimitations(includingpost-terminationcovenantsrelating to non-competition or non-solicitation of employees and customers) as the Committee may determine. The Committee may determine in its solediscretionwhetherthepolicywillapplytoanyaward.TheCommitteemayterminate,amendormodifythepolicywithrespecttofutureawardsatanytime.Suchretirementpolicyisapplicabletoemployees.Dr. Burke’s change in control agreement is summarized beginning at page 48 of CD&A under “Severance Arrangements”. Dr. Burke’s change in controlagreement providesthat in theevent his employment is terminatedor modified under certain circumstancesduringtheremaining termof his CICagreement(whichgenerallyprovidesforevergreentwo-yearterms)andfollowinga“changeincontrol”(asdefinedintheagreement)oftheCompany,Dr.Burkewouldbeentitledtothefollowing: BurkeCashSeverance 2.99 times

(BaseSalary&HigherofTargetBonusor3-YearAverageBonus)Bonus Pro-RataBonusforYearofTermination(basedonactualperformance)Equity VestUponCICAmountsForfeitedunderTax-QualifiedPlans Health&WelfareBenefitContinuation 36MonthsOutplacementServices $25,000Dr.Burke’sCICagreementincludes“bestpay”provisionsunderSection280GoftheU.S.InternalRevenueCodeunderwhichtheamountofanypaymentsthatwouldotherwiseconstituteparachutepaymentswillbereducedtotheextentnecessarytoavoidtheimpositionofanyexcisetax,unlessprovidingtheexecutivewiththefullamountofsuchpayments(aftertakingintoaccountanyexciseandothertaxes)willresultinagreaterpaymentamounttotheexecutive(inwhichcasetheexecutivewillreceivethefullamountofsuchpayments).Dr.Burke’sCICagreementalsoprovidesthathisequityawardswillbecomefullyvestedandexercisableuponachangeincontrol.ShareoptionsandSARswillbeexercisableuntiltheearlierofthesecondanniversaryofthechangeincontrolortheexpirationoftheoriginalexerciseperiod,andPUswillbepaidoutatthehigheroftheanticipatedpayoutorthetargetvalueoftheaward.SetforthbelowarethehypotheticalpaymentsthatwouldbemadetoDr.BurkeunderhisexistingCICagreementandthetermsofoutstandingincentiveawardagreements in theevent his employment was terminated or modified following a change in control of the Company. The hypothetical payments listedbelowassumeaterminationdateofDecember31,2016. ECONOMIC VALUE OF POTENTIAL PAYMENTS UPON CIC (a) Payments Burke ($)CashSeverance $4,991,322Bonus(b) 990,000ShareAppreciationRights(c) —RestrictedShares/UnitsandDividends(d) 4,367,924PerformanceUnits(e) 7,760,506ForfeitedQualifiedAccountBalance —BenefitContinuation 38,859OutplacementServices 25,000Total CIC Payments before Gross-Up or Reduction $18,173,611ReductiontoAvoidExciseTax —ExciseTaxGross-Up N/ATotal Payments $18,173,611(a) EquitypaymentsarebasedontheclosingmarketpriceoftheCompany’ssharesonDecember31,2016of$18.89.

(b) Thebonusamountswerecalculatedassumingperformancewasat137.5%oftarget,whichwastheestimateasofDecember31,2016.

(c) Noshareappreciationrightswerein-the-moneyasofDecember31,2016.

(d) Representsthegrossvalueofrestrictedshareunits(RSUs)forwhichvestingwouldbeacceleratedupontheCIC.

(e) RepresentsthegrossvalueofunvestedPUsupontheCIC.Non-Executive Directors do not have change in control arrangements or any notice periods prior to termination of service and are not entitled to anycompensationontermination.However,allvestedequityawardswillbesettledincashorshares,atthediscretionoftheCommittee,uponterminationofservice.TheCommitteealsoreservestherighttoacceleratevestingofanyunvestedequityawards.


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2.4 Performance ScenariosTheU.K.legislationrequirestheinclusionofascenariochartshowingthelevelsofcompensationthatanExecutiveDirectorcouldearninrespectofhisorherserviceoverthecomingyearunderthepolicyincertaincircumstances.ThelegislationwasdraftedwithU.K.-orientedcompensationpracticesinmindanddoesnotmakeclearhowtotreatcertainU.S.-orientedcompensationsuchasRSUs.TheCommitteeconsiderstheseawardstobeperformancerelatedandaligningtheinterestsofexecutivestothoseoftheCompany’sshareholders.Forthepurposesofthescenariosbelow,basedonadviceregardingtheinterpretationoftheU.K. legislation, we have shown RSUs as fixed pay even though the Committee considers RSUs as a key element of variable compensation. Toassist thereader,thetabledistinguishesbetweensuchawardsandtheotherelementsoffixedpay.TheU.K.legislationrequiresustosetoutthepotentialpayoftheCEOduringthefirstyearofthenewpolicy.Astherewasaone-timeretentionawardin2017toretaintheCEOasexplainedatpage46oftheCD&A,thisoverstatesthefullerapplicationofthepolicy.Theimpactofthisawardis,therefore,shownseparately.

REMUNERATION SCENARIOS FOR THOMAS P. BURKE


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Percentagesintheabovetableshavebeenroundedtothenearestwholepercent.Theassumptionsusedinthetableaboveareasfollows:

•TotalFixedPayconsistsofthreecomponents:–BaseSalary–Benefits–Pension

Name 2017 Salary (a) 2016 Benefits (b) 2016 Pension (c) Total Fixed Pay Thomas P. Burke $800,000 $20,300 $218,000 $1,038,300

Minimum

(a)Basesalaryisshownpriortothe10%discountvoluntarilyimplementedinJuly2016throughJune2017.

(b)IncludestheCompany’sportionofprojectedaveragemedicalcostsplusactualpremiumsforotherhealthandwelfarebenefitsandother U.K. taxable benefits. For Dr. Burke, $18,730 constitute health andwelfare benefit costs borne by the Companyand$1,500constituteestimatedtaxablebenefits taxableintheU.K.principallyrelatedtothepreparationof aU.K. taxreturn.Figuresfor2016benefitsareusedasafairestimateofactualfiguresbecause2017amountsarenotyetknownandroundedup.

(c)PensionismeasuredastheCompany’scontributionstotheSavingsPlanplustheadditionalamountscreditedinthePensionPlanandtheRestorationPlan.Figuresfor2016benefitsareusedasafairestimateasactualfiguresfor2017arenotyetknown.

•ForDr.Burke,thevalueofRSUsis$1,800,000(being50%ofthetotaltargetlong-termincentivevalueof450%ofbasesalary).

On-target

BasedonwhattheExecutiveDirectorwouldreceiveifperformancewason-target:•ShorttermincentivesconsistoftheAIPpayoutattargetsetbytheCommitteeforthe2017fiscalyear–Burke:100%ofbasesalary•LTIconsistsofthe2017valuesforDr.Burke’sPUswithatargetvalueof50%ofthe450%ofsalaryvaluedat$100perunit.

Maximum

Basedonthemaximumremunerationreceivable(excludingsharepriceappreciationanddividends):•ShorttermincentivesconsistofthemaximumAIPpayoutforthe2017fiscalyear:–Payoutat200%oftarget•LTIassumesmaximumperformanceachievedforthe2017fiscalyearforDr.Burke’sPUsat$200perunit.

2017CEORetentionAwards

In February 2017, Dr. Burke received a special retention award with a grant date value of approximately $5.0 million of RSUs andapproximately$2.5millionofoptions.Aseparatecolumnincludesthisamounteventhoughitisnotreflectiveofongoingpay.TheimpactofdividendaccrualandsharepriceappreciationhasbeenignoredthroughoutexceptthattheoptionshavebeenvaluedattheBlackScholesvalueeventhoughthiswouldbezerowithnosharepriceappreciation.

2.5 Consideration of employment conditions elsewhere in the groupIn accordance with prevailing commercial practice, the Committee evaluates the compensation of employees of the Company group in determining thecompensationpolicyandthecompensationpayabletoanExecutiveDirector.EachyeartheCommitteeapprovestheoverallAIPpercentagepayoutandmaterialchangestoemployeebenefitplans.ConsistentwithpracticeintheindustryinwhichtheCompanyoperates,itisnottheCompany’spolicytoconsultwithstaffonthepayofitsdirectors.

2.6 Consideration of shareholders’ viewsAsdescribedfurtheratpage19oftheProxyStatement,eachyeartheCommitteetakesintoaccounttheresultsoftheshareholdervoteoncompensationrelatedmatterswhenmakingfuturecompensationdecisions.


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3. Implementation Section – Not AuditedThefollowingsectionexplainshowtheCompanyimplementeditsremunerationpolicyin2016.

3.1 Compensation CommitteeIn2016,allofthemembersoftheCommitteewereindependentdirectors:• ThomasR.Hix(Chair) • SirGrahamHearne • JackB.Moore • JohnJ.Quicke • SuzanneP.Nimocks

TheCommitteeChair,withinputfromtheotherCommitteemembers,directstheagendaforeachCommitteemeetingandseeksinputfrommanagementandtheCommittee’sindependentcompensationconsultants.FurtherdetailsregardingtheCommitteecanbefoundatpages25-26oftheproxystatement.Details of the Committee’s process for making compensation determinations, including the advice provided by management and external compensationconsultants is set out beginning at pages 35 and 50 of this proxy statement. As stated in CD&A, the Committee’s external compensation consultantswereappointedbytheCommittee.FredericW.Cook&Co,Inc.(“FWCook”andformerlyCogentPartners)wasselectedafterbeinginterviewedbytheCommittee.FITRemunerationConsultants LLPwasselectedbytheCommitteebasedontherecommendationof FWCookandafter beinginterviewedbymanagement andCommitteemembers.TheCommitteehasdeterminedthatbothconsultingfirmsareindependent.ThecompensationconsultantsprovidenootherservicestotheCompanyandaccordinglyareconsideredindependentbytheCommitteeandtoprovideindependentandobjectiveadvice.FeespaidtotheCommittee’sexternalcompensationconsultantswithrespectto2016wereapproximately$210,000toFWCookandapproximately$20,400toitsU.K.associatedfirmFITRemunerationConsultantsLLP,suchfeesbeingchargedonthefirms’standardtermsofbusinessforadviceprovided.

3.2 Shareholder Voting on Remuneration MattersThevotingreport fromtheannual general meetingofshareholdersheldonApril 25,2014,includingthemostrecentvoteontheU.K.directors’ remunerationpolicy,wasincludedintheCompany’sproxystatementforthe2015annualgeneralmeetingofshareholders.Suchvotingresultsareincorporatedbyreferencefromthe2015proxystatement.The2016 Annual General Meeting of Shareholders oftheCompanywasheldonApril28,2016.Thevotingresultswereasfollows:TheCompany’snamedexecutiveofficercompensationfor2015wasapprovedbyanon-bindingvoteofasubstantialmajorityofthevotescast: For Against AbstainTotal Shares Voted 93,907,261 3,825,608 56,208% of Voted 96.03% 3.91% TheamendmenttotheCompany’sincentiveplanto,amongotherthings,replenishthenumberofsharesauthorizedforissuanceundertheplan,wasapprovedbyavoteofasubstantialmajorityofthevotescast: For Against AbstainTotal Shares Voted 92,469,032 5,260,056 59,989% of Voted 94.55% 5.37% AseparateGeneral Meeting of Shareholders oftheCompanywasheldonJune30,2016.Thevotingresultswereasfollows:TheCompany’sU.K.statutoryimplementationreportfortheyearendedDecember31,2015wasapprovedbyanon-bindingvoteofasubstantialmajorityofthevotescast: For Against AbstainTotal Shares Voted 96,954,139 4,557,850 64,782% of Voted 95.44% 4.48%

3.3 Performance Graph and Table Thegraphbelowpresents the relative investmentperformance of the Company’s shares to the S&P1500 Oil and Gas Drilling Index for the period fromtheeffectivedateoftheredomesticationoftheCompanyasaU.K.publiccompanyinearlyMay2012.IntheopinionoftheBoard,theS&P1500OilandGasDrillingIndexisanappropriatebroadindexagainstwhichtheTSRoftheCompanyshouldbemeasuredforthepurposesofU.K.requirementsbecauseofthedrillingindustry’ssensitivitytooilandgaspricesandrelatedeconomicconditions.


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COMPARISON OF CUMULATIVE TOTAL SHAREHOLDER RETURN

CEO CompensationThefollowingtablesetsoutthefollowingcompensationfortheCEO:• thetotalremunerationasseeninthesinglefiguretable; • thebonuspaidasapercentageofthemaximumopportunity;and • thevalueofthelong-termincentivesthathavemettheirperformanceconditionagainstthemaximumpossiblelevelwhichcouldhavebeenearnedinthatperiod(unlikeequivalentU.S.disclosures,theU.K.legislationassessesthiswhentheperformanceconditionismeasuredratherthanwhenitsubsequentlyvests–aproportionofeachPUismeasuredagainsttheTSRannuallybuttheawardsonlyvestonthethirdanniversaryofgrant).

Single figure of total

remuneration ($,000) (a) Annual bonus as a %

of maximum

Performance units meeting the performance condition in the

year as a % of maximum2016 Burke $ 7,697 56% 91%2015 Burke $ 6,131 76% 100%2014 Burke–fromApril25,2014to

December31,2014 $ 3,732 55% 86%

2014

Ralls–fromJanuary1,2014toApril24,2014(a) $ 1,771 55% 77%

2013 Ralls $ 5,276 62% 41.5%2012(b) Ralls $ 4,940 52% 0%

(a) Mr.RallsretiredasCEOoftheCompanyeffectiveApril25,2014andDr.ThomasBurkewasappointedasthenewCEOeffectiveasofthesamedate.The2014figuresrepresenttheincomeasreportedforDr.Burke(seenote(a)tothetableat3.7forfurtherinformation)andforMr.Ralls,showshistotalincomeasreportedpro-ratedbytheperiodtoApril24,2014relativetothefullfinancialyear.

(b) TheCompanyredomesticatedtotheU.K.onMay4,2012.Theabovefiguresshowinformationforallof2012.


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3.4 Percentage Change in pay of Chief Executive OfficerTheU.K.legislationrequirestheCompanytodisclosethepercentagechangeintheprescribedpayelementsoftheCEObetween2015and2016togetherwithequivalentpercentagesforacategoryofstaff.Consistentwithlastyear,wehavereportedtheaveragepercentagechangeintheprescribedpayelementsforallU.S. onshore staff at professional level (which is not calculated on a matched sample basis so it is impacted by recruitments and departures in the year).Reflectingdevelopmentsinreporting,separatepercentagesaredisclosedforeachelement.Theprescribedpayelementsare:• Basesalary • Benefits(whichhavebeencalculatedinassimilaramannertothecalculationsforsection3.7aswaspractical) • AnnualbonusU.S.onshoreprofessionalstaffwereselectedforthepurposesofthiscomparisongiventhegeographicandfunctionaldiversityofstaffwithinacompanywithglobaloperationsinahighlycompetitiveglobaloffshoredrillingmarket,whereformanystafftheannualpayoutcomesareimpactedbytheglobalpriceofoil.

% change in base salary % change in annual bonus % change in benefitsCEO -5% -11,5% -17%Selected Staff -5% 7% -5%

3.5 Relative importance of spend on payTheU.K.legislationincludesanobligationtoshowtheannual changeinspendingoncertainspecifieditems.Thefollowingtableincludesthestatutoryitemswhichshowtheyearonyearchangein:• dividends, • sharerepurchasesand • totalcostofcompensation(forallemployees)acrossthegroup.Quarterlydividendswerepaidinallfourquartersof2015.Nodividendswerepaidin2016.Therewerenosharerepurchasesduring2015or2016.Thecompensationandrelatedemployeecostsfiguresfor2015and2016includeactualfixedandbonuscosts(usingasimilarbasisforhealthcostsastheotheraspectsofthisreport)togetherwithanestimateoflong-termincentivesonanexpectedvaluebasis.

RELATIVE IMPORTANCE OF SPEND ON PAY


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3.6 Statement of implementation of Policy in the following financial yearDuringtheyear,thefollowingstepsweretakeninimplementingtheapprovedPolicy:Executive DirectorsBase Salary Thecurrentpeergroupforthepurposesofsalarycomparisonissetforthonpage38ofthisproxystatement. 2016 Base Salary: TheCommitteeapproved2016basesalariesasfollows: • Mr.Rallscontinuedtobepaidhis2015basesalaryof$700,000untilheretiredfromtheBoardinApril2016. • Dr.Burkevoluntarilyreducedhisbasesalaryfrom$800,000to$720,000(a10%reduction)inJuly2016. 2017 Base Salary:

Dr.Burke’snotionalsalaryof$800,000(whichhevoluntarilyreducedto$720,000)willremainunchangeduntilJune30,2017.TheCommitteewillconsiderwhethermarketconditionswarrantchangesatthattime.

Annual Bonus (Annual Incentive Plan (“AIP”))

2016 AIP:Detailsofthetargetsandresultingperformanceforthe2016AIParedescribedonpages41through43ofthisproxystatementexcepttotheextentthattheinformationisconsideredcommerciallysensitive.Suchinformationwillremainsoandwillnotbedisclosedsubsequently.Mr.Rallsdidnotreceiveda2016AIPpayment.Dr.Burkereceiveda2016AIPpaymentof$1,080,000whichwas150%ofhisbasesalary(takingintoaccountthereducedsalary),and150%ofhisAIPtarget.2017 AIP – Performance measures and targets:TheCommittee’sapproachforthe2017AIPwillbesubstantiallythesameasthe2016AIP.75%ofthe2017AIPpayoutpoolwillbesetbyreferencetofinancialandoperationalmetricssetforthbelow,and25%byreferencetoperformanceandotherfactors(beingsubjectiveinnature).Inaddition,theremaybeadjustmentsupordownforindividualperformance.For2017,themetricsandcorrespondingweightingareasfollows.Specifictargetsarenotdisclosedbecausetheyareconsideredcommerciallysensitive.TheCompanyexpectstoreporttargetsandresulting2017performanceintheproxystatementforthe2018annualmeetingofshareholders.

Metric Weighting EBITDA,adjusted 50% CashBalance 20% TRIR(a) 15% TPHR(b) 5% ContractedNon-ProductiveTime(c) 10% (a) TRIRistotalrecordableincidentrate. (b) TPHRistotalpotentialhurtrate. (c) ContractedNon-ProductiveTimereferstoanyperiodwhenoneofourrigsisonlocationandunder

contractbutnotoperationalduetoequipmentfailureorotherunplannedstoppage. Dr.Burke’s2017AIPtargetmultipleisexpectedtoremainthesameas2016,at100%ofbasesalary.


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Long-Term Incentive Compensation(“LTI”)

LTI Compensation in 2016:DetailsofLTIawardsmadein2016aresetoutatSection3.9ofthisPartII.DetailsofLTIawardsvestingin2016aresetoutbeginningonpages45and56oftheproxystatement.TheperformancemeasuresforPUsgrantedin2016aremeasuredbasedonTSRrelativetoaselectedpeergroupofoffshoredrillerscomprisedofthefollowingothercompanies:

• AtwoodOceanics,Inc. • DiamondOffshoreDrilling,Inc. • Enscoplc • NobleCorpplc • SeadrillLimited • TransoceanLtd. ForPUawardsmadein2016,thepeergroupabovewasselectedasitrepresentstheCompany’sprimarycompetitors

inthemarketsinwhichitoperatesandforcustomers,investorsandemployees.

LTI Compensation in 2017:TheCommittee’sapproachistomakeawardswithamaximumtargetmultipleofbasesalaryforanExecutiveDirectoracrossalltypesofLTIawards,valuingawardsonagrantdatefairmarketbasis.Dr.BurkereceivedanannualLTIgrantof50%RSUsand50%PUsinFebruary2017,buttheprecisequantumandpercentageofeachtypeofawardisdeterminedatthediscretionoftheCommitteeonayear-to-yearbasis.Dr.Burke’s2017LTItargetmultipleremainedthesameas2016,at450%ofbasesalary.The2017performancetargetsandrelativeTSRmetricforPUsoperateinthesamemannerasforthe2016awards.Inaddition,assetoutinCD&A,theCompensationCommitteeconsideredtheuniquequalificationsandcontributionsoftheCEOanddeterminedtoprovideaone-timegrant of equity to encourage retentionoverthenext fouryears. Thisawardwascomprisedofapproximately$5.0millioningrantdatevalueofRSUsandapproximately$2.5millioningrantdatevalueofshareoptions.Bothawardscliffvestinfouryearsandtheoptionshaveasevenyearexerciseterm.

Pensions DetailsofthepensionarrangementsthatDr.Burkeparticipatedin2016aresetoutonpages56through58oftheproxystatement.

ForMr.Ralls(whoretiredinApril2016)andDr.Burke: • Contributionsequivalentto5%ofeligiblecompensationwerecreditedunderthePensionPlan;

• SavingsPlancontributionsweremadeatthelevelof6%ofanemployee’seligiblecompensationuptoaU.S.IRScap(in2017,amaximumCompanycontributionof$16,200peryear,butsubjecttoannualadjustmentunderU.S.taxlaws);and

AdditionalcontributionsinexcessoftheIRScapsarecreditedundertheRestorationPlanatan11%leveltomakeupforlimitsunderthePensionPlanandSavingsPlan.

Nomaterialchangesareanticipatedfor2017.

Benefits BenefitsaresummarizedinPartIofthisproxystatement.Nomaterialchangesareanticipatedfor2017.

Change in Control Arrangements TherewerenochangestochangeincontrolagreementswiththeExecutiveDirectorduring2016andnoneareanticipatedfor2017.

FurtherdetailsregardingDr.Burke’schangeincontrolagreementcanbefoundbeginningatpage48oftheproxystatement.Therearenootherserviceagreementswithanydirector.


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Non-Executive DirectorsNon-Executive Directors’Compensation

2016:Directors’ Fees:EffectiveJuly1,2016,Non-executiveDirectorfeeswerevoluntarilyreducedby10%tothefollowing:

• Boardannualfee:$72,000

• Non-ExecutiveChairmanannualfee(inadditiontotheannualBoardfee):$135,000

• CommitteeChairannualretainer(inadditiontoannualBoardfee):

–HSE/NCG:$9,000

–Audit/Compensation:$13,500

Equity Awards:Non-ExecutiveDirectorstypicallyreceivegrantsofequityawards(eitherRSAsorRSUs)withdividendequivalents.In2016,Non-ExecutiveDirectorsreceivedthefollowing:•AnnualEquityAward:$200,000basedonthegrantdatemarketprice(andpro-ratedfornewdirectors)

2017:Boardfeesandannualgrantdatevaluesfor2017willbedeterminedinMay2017.Attheelectionofeachdirector,annualawardstoNon-ExecutiveDirectorswillbeeitherdeferredornon-deferredRSUs.Theeconomicvalueofeachtypeofawardisthesame,butnon-deferredawardsaresettleduponvesting(asopposedtodeferredawards,whichsettleincashorsharesupondeparturefromtheBoard).

Implementation Section – Audited

3.7 Single figure table

Salary (a) Benefits (b) Annual Bonus (c) RSUs (d) PUs (e) Pension (f) Total(in thousands) 2016 2015 2016 2015 2016 2015 2016 2015 2016 2015 2016 2015 2016 2015 Ralls(g) $233 $700 $ 6 $ 20 $ — $ 1,068 $ — $ 2,694 $ — $ 1,496 $ 143 $ 175 $ 382 $ 6,153Burke $760 $800 $ 20 $ 24 $ 1,080 $ 1,220 $ 2,555 $ 1,633 $ 3,064 $ 2,283 $ 218 $ 171 $ 7,697 $ 6,131(a) Reflectsactualbasesalarypaidwithrespectto2016and2015,respectively.(b) BenefitsforMr.RallsandDr.Burkeincludethefollowing:

Year Health Benefits (1) Other Benefits (2) Total ($)Ralls(3) 2016 $4,500 $1,500 $6,000 2015 $18,406 $1,500 $19,906Burke 2016 $18,730 $1,500 $20,230 2015 $22,572 $1,500 $24,072

(1) ReflectsCompany’sportionofprojectedaveragemedicalcostsplusactual premiumsforotherhealthandwelfarebenefitssuchasdental, vision,lifeandAD&Dinsurance,andshort-termandlong-termdisabilitybenefits.AllU.S.employeesoftheCompanyareentitledtoparticipateinthesamebenefitprograms.

(2) ReflectsestimatedbenefitstaxableintheU.K.principallyrelatedtothepreparationofaU.K.taxreturn(for2015and2016). (3) Mr.RallsretiredasExecutiveChairmaninApril2016.NopaymentsweremadetoMr.Rallstocompensateforhislossofofficeuponhisretirement.(c) DetailsoftheperformancemeasuresandtargetsapplicabletotheAIPbonusfor2016aresetoutbeginningonpage41oftheproxystatement.(d) RSUfiguresarethevalueoftheawardsmadeinthecorrespondingyearusingtheaverageclosingpricepershareover thelastthreemonthsoftheyearofgrant.For

2015and2016,theaverageclosingpricepershareforthelastthreemonthsofeachcorrespondingyearwas$19.14and$16.31,respectively.TheRSUsdonothaveperformancemeasuresforthereasonsoutlinedinthe“LTI”sectionoftheDirectors’RemunerationPolicy.

(e) The amount shown for 2015 represents the total amount achieved for the year, which consisted of (i) $50.00 per PU for the one-year performance period endingDecember 31, 2015 (applicable to each of the 2014 and 2015 awards) and (ii) $50.00 per PU for the three-year performance period ending December 31, 2015(applicabletothe2013award).

The amount shown for 2016 represents the total amount achieved for the year, which consisted of (i) $43.81 per PU for the one-year performance period endingDecember31,2016(applicabletoeachofthe2014,2015and2016awards)and(ii)$50.00perPUforthethree-yearperformanceperiodendingDecember31,2016(applicabletothe2014award).

DetailsoftheperformancemeasuresandtargetsapplicabletovestingofthePUawardsaresetforthbeginningonpage44oftheproxystatement.Furtherdetailsofthecalculationaresetoutin“PerformanceResultsandAchievedValues”onpage46oftheproxystatement.ThePUperformanceperiodisthethreeyearperiodbeginningJanuary1oftheyearofthegrantandendingDecember31ofthesecondfullyearfollowingtheyearofthegrant.PayoutsaremeasuredbasedontheCompany’stotalshareholderreturnrelativetoitsdesignatedpeergroup.


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(f) Pension amounts reflect the matching contributions made by the Company to the Savings Plan plus the additional amounts credited in the Pension Plan and theRestoration Plan as follows. Mr. Ralls (retired as of April 2016) andDr. Burke are the only directors whoparticipate in the Company’s pension plans. Seepages56through58oftheproxystatementforfurtherdetailsoftheCompany’spensionplans.

Year Savings Plan Pension Plan Restoration Plan Total ($) Ralls 2016 $ 15,900 $ 13,250 $ 113,942 $ 143,092 2015 $ 15,900 $ 13,250 $ 145,588 $ 174,738Burke 2016 $ 15,900 $ 13,250 $ 188,650 $ 217,800 2015 $ 13,333 $ 13,250 $ 144,642 $ 171,225

(g) Mr.Rallsdidnotreceiveanyannualbonuswithregardto2016oranannualgrantofRSUsorPUsin2016duetohisretirement.Theaggregateemoluments(beingsalary/fees)plusbenefitsandbonusesofalldirectorsduring2016wasapproximately$2.7million.

3.8 Non-executive director remunerationNon-Executive Directors receive annual fees in lieu of a base salary. As non-employees of the Company and in accordance with Non-Executive Directorcompensation practices in the U.S., Non-Executive Directors are not eligible to receive an annual bonus or other benefits, including participation in theCompany’spensionplans.

Fees ($) (a)

Benefits ($) (b)

RSAs/RSUs ($) (c)

Total ($)

$’000 2016 2015 2016 2015 2016 2015 2016 2015 Albrecht 76.0 13.6 1.5 – 175.4 102.9 252.9 116.5Fox(d) 31.7 95.0 1.5 1.5 – 200.3 33.2 296.8Hearne 184.7 110.0 1.5 – 175.4 199.0 361.6 309.0Hix 90.3 95.0 1.5 1.5 175.4 194.9 267.2 291.4Moore(e) 50.2 – – – 175.4 – 225.6 –Nimocks 85.5 86.3 1.5 1.5 175.4 191.8 262.4 279.6Peacock 76.0 80.0 1.5 1.5 175.4 199.0 252.9 280.5Quicke 85.3 80.0 1.5 1.5 175.4 194.9 262.2 276.4Sandvold 76.0 80.0 1.5 1.5 175.4 187.6 252.9 269.1Szews(f) 25.9 – – – 144.1 – 170.0 –(a) ReflectsfeesearnedwithrespecttoBoardservicein2015and2016,respectively,regardlessofwhenpaid.(b) Non-ExecutiveDirectorsarenoteligibleforCompanyhealthbenefitsorpensions.ReflectsestimatedU.K.taxablebenefitsprincipallyrelatedtothepreparationofU.K.

taxreturnsfornon-U.K.residentdirectorswhoelectedtousetheCompany’sserviceprovider.(c) ThevalueofRSUsshownfor2015andofRSAsorRSUs,asapplicable,for2016representtheannualgrant,asapplicable,madetoNon-ExecutiveDirectors,including

withrespecttoRSUs,additionalRSUsawardedinlieuofcashdividends,baseduponthenumberofRSUsawardedineachyearandtheaverageclosingpricepershareforthelastthreemonthsofthecorrespondingyear.Theaverageclosingpricepershareforthelastthreemonthsof2015and2016was$19.14and$16.31,respectively.DividendswerepaidtoNon-ExecutiveDirectorsinallfourquartersof2015intheformofadditionalRSUs.Nodividendswerepaidin2016.RSAsandRSUsawardedtoNon-ExecutiveDirectorsdonothaveperformanceconditionsinordertoensurethatsuchdirectorsmaintaintheirindependence.

(d) Mr.FoxretiredfromtheBoardinApril2016anddidnotreceiveanannualRSUawardin2016.NopaymentsweremadetoMr.Foxtocompensateforhislossofofficeupon his retirement, other than a charitable donation of $10,000 in his honor to a charity which Mr. Fox nominated and which was reviewed and approved by theCompany’sCharitableContributionsCommittee.

(e) Mr.MoorewaselectedtotheBoardinApril2016attheannualgeneralmeetingofshareholders.(f) Mr.SzewswasappointedtotheBoardinAugust2016,andreceivedapro-ratedannualgrantofRSUs.


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3.9 Long term incentive awards made to directors in 2016Except as footnoted below, in April 2016, each Non-Executive Director received an annual grant of RSUsor restricted shares with a value of approximately$200,000.LONG TERM INCENTIVE AWARDS MADE TO DIRECTORS IN 2016

Director Grant Date Plan (a)(b) Number of

shares Face value (c) $ Threshold

vesting level %

Vesting level % at maximum

performance Anticipated

vesting due (d)(e) Burke 2/25/2016 RSU 156,657 1,799,989 N/A 100% 2/25/2019 2/25/2016 PU 18,000 1,800,000 33% 200% 2/25/2019Ralls(f) N/A N/A – – N/A N/A N/AAlbrecht 4/28/2016 RSA 10,755 199,989 N/A 100% 4/28/2017Fox(g) N/A N/A – – N/A N/A N/AHearne 4/28/2016 RSA 10,755 199,989 N/A 100% 4/28/2017Hix 4/28/2016 RSA 10,755 199,989 N/A 100% 4/28/2017Moore(h) 4/28/2016 RSU 10,755 199,989 N/A 100% 4/28/2017Nimocks 4/28/2016 RSU 10,755 199,989 N/A 100% 4/28/2017Peacock 4/28/2016 RSU 10,755 199,989 N/A 100% 4/28/2017Quicke 4/28/2016 RSA 10,755 199,989 N/A 100% 4/28/2017Sandvold 4/28/2016 RSA 10,755 199,989 N/A 100% 4/28/2017Szews(i) 8/22/2016 RSU 8,838 116,662 N/A 100% 4/28/2017(a) Thetermsof RSUsandPUsawardedtotheExecutiveDirector andthetermsofRSAsandRSUsawarded toNon-ExecutiveDirectorsaresummarizedinthisproxy

statement.(b) Pursuanttothetermsoftheawardnotices,eachRSUgrantedtoaNon-ExecutiveDirectorisgrantedintandemwithacorrespondingDividendEquivalentwhichentitles

theNon-ExecutiveDirectortoreceiveadditionalRSUswithanaggregatefairmarketvalueequaltotheproductof(a)thepershareamountofanycashdividenddeclaredbytheCompanyand(b)thenumberofsharesunderlyingtheRSUsheldbysuchNon-ExecutiveDirectorthatareoutstandingwhenthedividendispaid.

Pursuanttothetermsoftheawardnotices,eachRSAgrantedtoaNon-ExecutiveDirectorisentitledtoreceiveanycashdividenddeclaredbytheCompany.However,nodividendswerepaidin2016.

(c) FacevaluesforRSUsandRSAsarethefairmarketvaluespershare,calculatedusingtheaverageofthehighandlowsharepriceonthegrantdate:February25,2016-$11.49,April28,2016-$18,60,August22,2016-$13.20.

Dr.Burke’sPUsgrantedinFebruary2016arevaluedusingthetargetvalueof$100perunit(sothefacevalueforthepurposesoftheU.K.regulationsisthestatedfacevaluemultipliedbythe200%maximumvestingpercentage).Thepercentagevestingatthresholdisimpactedbyinterpolationandcouldrangefrom33%tojustbelow67%.Thereferenceto33%inthetableisthelowestthresholdamountbeforesuchinterpolation.

(d) OnlyPUshavepre-vestperformancemeasures.Theseawardsaredescribedatpages44through46oftheproxystatement.TheperformanceperiodisthethreeyearperiodbeginningJanuary1oftheyearofthegrantandendingDecember31ofthesecondfullyearfollowingtheyearofthegrant.DetailsoftheperformancemeasuresandtargetsforthePUsgrantedin2016arecontainedintheproxystatement.PUsgrantedin2016maybesettledinshares,cashoracombinationatthediscretionoftheCompensationCommittee.

RSUsgrantedtoDr.Burkevestandaresettledinsharesinone-thirdincrementsoneachofthefirst,secondandthirdanniversariesofthegrantdate. RSUsgrantedtoNon-ExecutiveDirectorsvestontheearlierofthefirstanniversarydateofthegrantorthedateofthenextannualmeetingofshareholders.Settlement

ofRSUs(includingRSUsissuedpursuanttodividendequivalents)grantedtoNon-ExecutiveDirectorsoccursuponterminationofthedirector’sserviceontheBoard.AttheelectionoftheCommittee,suchsettlementmaybemadeincash,sharesoracombination.

RSAsgrantedtoNon-ExecutiveDirectorsvestandaresettledinsharesontheearlierofthefirstanniversarydateofthegrantorthedateofthenextannualmeetingofshareholders.

(e) AdditionalRSUsawardedtoNon-ExecutiveDirectorsinlieuofthepaymentofcashdividendsaresettleduponsettlementoftheunderlyingRSUswithrespecttowhichthe additional RSUs were awarded. Settlement of RSUs occurs upon termination of service from the Board, and may be in cash or shares at the discretion of theCompensationCommittee.

(f) Mr.RallsretiredfromtheBoardinApril 2016anddidnotreceiveanannualgrantduring2016.Onhisretirement,allofMr.RallsRSUsweresettledforanaggregatevalueofapproximately$4.3millionasofhisretirementdate.

(g) Mr.FoxretiredfromtheBoardinApril2016anddidnotreceiveanannualgrantduring2016.Onhisretirement,allofMr.Fox’sRSUsweresettledinacombinationofcashandshares(atthediscretionoftheCompensationCommittee)foranaggregatevalueof$1,015,027asofhisretirementdate.

(h) Mr.MoorewaselectedtotheBoardinApril2016attheAGMandreceivedanannualgrantofRSUs.(i) Mr.SzewswasappointedtotheBoardinAugust2016andreceivedaproratedannualgrantofRSUs.Theaggregategainonthevesting/exerciseofawardsheldbyalldirectorsin2016wasapproximately$6.7million.Noshareoptionswereexercisedin2016.


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3.10 Directors’ shareholding and share interestsDetailsoftheCompany’sshareownershiprequirementsforExecutiveDirectorsandNon-ExecutiveDirectorsaresummarizedonpage48oftheproxystatement.AsofMarch15,2017,thedirectorswereeitherincompliancewiththeshareownershipguidelinesorwithintheapplicableretentionorgraceperiods.Thefollowingtableshowsthetotalshareinterestsheldbydirectors.TOTAL SHARE INTERESTS AT DECEMBER 31, 2016 (OR DATE OF CESSATION, IF EARLIER) (a)

Share Options (b) Share Awards

(including RSAs and RSUs) Column 1 Column 2 Column 3 Column 4 Column 5 Column 6 Column 7

Shares Held

Outright (c)

No. of Shares

Underlying Unexercised

Options/SARs – Exercisable

(Vested)

No. of Shares

Underlying Unexercised

Options/SARs – Unexercisable

(Unvested)

No. of Shares

Acquired in 2016 on

Option/ SARs

Exercise Outstanding

RSUs/RSAs (d)

No. of Shares Acquired

in 2016 on Vesting of RSA/RSUs

Aggregate holding

of Shares and Share Interest (e)

Executive Directors Burke 96,767 104,811 – – 229,726 52,275 431,304Ralls(f) 386,229 643,024 – – – 256,122 1,029,253Non-ExecutiveDirectors Albrecht – – – – 16,129 – 16,129Fox(f) 38,943 – – – – 27,293 38,943Hearne 7,185 – – – 62,072 – 69,257Hix 5,000 – – – 51,748 – 56,748Moore – – – – 10,755 – 10,755Nimocks 1,200 – – – 43,768 – 44,968Peacock 10,505 – – – 62,072 – 72,577Quicke 2,000 – – – 51,748 – 53,748Sandvold 5,000 – – – 33,304 – 38,304Szews – – – – 8,838 – 8,838(a) PriorPUsarecashsettledandthereforenotincludedintheabovetable.Totheextentotherawardshavebeensettledincash,theyarenotincludedintheabovetable.

Noneoftheaboveinterestsaresubjecttopre-vestperformanceconditions.(b) IncludesoptionsandSARsregardlessofwhethersuchawardsareinoroutofthemoney.(c) InaccordancewithUKlaw,thiscolumnincludessharesheldbythedirector,theirspouse,anychildrenunder18andanyotherdependentstogetherwithanytrustsfor

theirbenefit.Amountsincludeanysharesreportedincolumns4and6.(d) ForExecutiveDirectors,includesRSUswhichareunvested.ForNon-executiveDirectors,includes,asapplicable,(i)unvestedRSAsand(ii)vestedandunvestedRSUs

becauseRSUsarenotsettleduntiltheNon-ExecutiveDirectordepartstheBoard.Amounts forNon-ExecutiveDirectorRSUsincludeadditionalRSUsissuedinlieuofcashdividends.

(e) AmountsreflectthesumofColumns1(SharesHeldOutright),2(VestedOptions/SARs),3(UnvestedOptions/SARs)and5(OutstandingRSAs/RSUs).(f) ReflectssharesheldbysuchdirectoruponretirementfromtheBoardinApril2016,aftersettlementofawards.


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ThefollowingchangesintheaboveshareinterestsoccurredbetweenDecember31,2016andMarch31,2017:

Directors December 31,

2016 (a) March 31,

2017 (b) Burke 431,304 1,230,545Albrecht 16,129 16,129Hearne 69,257 69,257Hix 56,748 56,748Moore 10,755 10,755Nimocks 44,968 44,968Peacock 72,577 72,577Quicke 53,784 53,784Sandvold 38,304 38,304Szews 8,838 8,838(a) Reflectsthetotalnumberofshareinterests,includingshares,options,SARs,RSUsandRSAs,reportedincolumn7above.(b) Dr.Burkereceivedanannualgrantof102,359RSUsandaspecialretentiongrantof284,333RSUsand354,946shareoptionstotaling741,638sharesonFebruary22,

2017andcertainofhispreviousRSUawardsvestedandsharesweresurrenderedtocovertaxes.SignedonbehalfoftheBoardofDirectorsby:

ThomasR.HixChairoftheCompensationCommittee


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Exhibit I Proposed Amended and Restated 2013 Rowan Companiesplc Incentive Plan

Table of Contents ARTICLE I INTRODUCTION I-4 1.1 Purpose I-4 1.2 Definitions I-4 1.3 SharesSubjecttothePlan I-6 1.4 AdministrationofthePlan I-7 1.5 GrantingofAwardstoParticipants I-9 1.6 TermofPlan I-9 1.7 AmendmentandDiscontinuanceofthePlan I-10 ARTICLE II NON-QUALIFIED OPTIONS I-10 2.1 Eligibility I-10 2.2 ExercisePrice I-10 2.3 TermsandConditionsofNon-QualifiedOptions I-10 2.4 OptionRepricing I-11 ARTICLE III INCENTIVE OPTIONS I-11 3.1 Eligibility;GeneralProvisions I-11 3.2 ExercisePrice I-11 3.3 LimitedTransferofIncentiveOptions I-11 3.4 OptionPeriodandConditionsandLimitationsonExercise I-11 3.5 OptionRepricing I-12 3.6 NotificationUponDisposition I-12 ARTICLE IV BONUS SHARES I-12 ARTICLE V SHARE APPRECIATION RIGHTS I-12 5.1 RighttoPayment I-12 5.2 Terms I-12 5.3 Repricing I-12 ARTICLE VI RESTRICTED SHARES I-13 6.1 Eligibility I-13 6.2 PurchasePrice I-13 6.3 Restrictions;RestrictedSharesHeldinEscroworTrust I-13 6.4 ForfeitureofRestrictedShares I-13 6.5 DeliveryofShares I-13 6.6 RightsasaShareholder I-13

ROWAN COMPANIES PLC -2017ProxyStatement I-1

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6.7 RepurchaseofRestrictedShares I-13 6.8 CodeSection83(b) I-14 ARTICLE VII RESTRICTED SHARE UNITS I-14 7.1 AwardandRestrictions I-14 7.2 PurchasePrice I-14 7.3 Settlement I-14 7.4 Forfeiture I-14 7.5 PerformanceGoals I-14 ARTICLE VIII PERFORMANCE AWARDS I-15 8.1 PerformanceAwards I-15 8.2 PerformanceGoals I-15 ARTICLE IX OTHER AWARDS I-16 9.1 DividendEquivalents I-16 ARTICLE X CERTAIN PROVISIONS APPLICABLE TO ALL AWARDS I-16 10.1 VestingandOtherGeneralProvisions I-16 10.2 Stand-Alone,Additional,TandemandSubstituteAwards I-17 10.3 PaymentforAwardsbyParticipants I-17 10.4 TermofAwards I-17 10.5 FormandTimingofPaymentofAwardsbytheCompany;Deferrals I-17 10.6 VestedandUnvestedAwards I-17 10.7 ConditionstoIssuanceofShares I-18 10.8 Transferability I-18 10.9 RightsasaShareholder I-18 10.10 ChangeinControl I-18 10.11 EquityRestructuring I-19 10.12 ProhibitiononRepricing I-19 ARTICLE XI WITHHOLDING FOR TAXES I-20 ARTICLE XII MISCELLANEOUS I-20 12.1 NoRightstoAwardsorUniformityAmongAwards I-20 12.2 ConflictswithPlan I-20 12.3 NoRighttoContinuedService I-20 12.4 GoverningLaw I-20 12.5 Gender,TenseandHeadings I-20 12.6 Severability I-20 12.7 OtherLaws I-21 12.8 ShareholderAgreements I-21 12.9 Funding I-21 12.10 NoGuaranteeofTaxConsequences I-21


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12.11 CodeSection409A I-21 12.12 ShareholderApproval I-21 ANNEX 1 I-22 ARTICLE I Introduction I-22 ARTICLE II Non-QualifiedOptions I-23 ARTICLE IV BonusShares I-23 ARTICLE V ShareAppreciationRights I-23 ARTICLE VI RestrictedShares I-23 ARTICLE VII RestrictedShareUnits I-24 ARTICLE VIII PerformanceAwards I-24 ARTICLE IX OtherAwards I-24 ANNEX 2 I-25 ARTICLE I Introduction I-25 ARTICLE V ShareAppreciationRights I-25 ARTICLE VII RestrictedShareUnits I-25 ARTICLE VIII PerformanceAwards I-25 ARTICLE IX OtherAwards I-26 ARTICLE X CertainProvisionsApplicabletoAllAwards I-26

ROWAN COMPANIES PLC -2017ProxyStatementI-3

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AMENDED AND RESTATED 2013 ROWAN COMPANIES PLCINCENTIVE PLANArticle I Introduction1.1 PurposeThisAmendedandRestated2013RowanCompaniesplcIncentivePlan,asamendedfromtimetotime(the“Plan”),isintendedtopromotetheinterestsofRowan Companies plc, a public limited company incorporated under the laws of England and Wales (the “Company”)and its shareholders by promotingperformanceandencouragingEmployeesoftheCompanyoritsAffiliatestoacquireorincreasetheirequityinterestsintheCompany,therebygivingthemanaddedincentivetoworktowardthecontinuedgrowthandsuccessoftheCompany.TheBoardofDirectorsoftheCompany(the“Board”)alsocontemplatesthat, through the Plan, the Company and its Affiliates will be better able to compete for the services of the individuals needed for the continued growthandsuccessoftheCompany.ThePlanprovidesforpaymentofvariousformsofincentivecompensation,andaccordingly,isnotintendedtobeaplanthatissubjectto the U.S. Employee Retirement Income Security Act of 1974, as amended, and shall be administered accordingly. Subject to approval of the Plan by theCompany’sshareholders, thePlanconstitutesanamendmentandrestatement of the2013RowanCompaniesplcIncentivePlan,asamended(the “OriginalPlan”),whichinitially becameeffectiveonApril 26, 2013. Notwithstandingtheforegoing, theOriginal Planshall remainin effect unlessanduntil thePlanisapprovedbytheCompany’sshareholders.AwardsmayalsobegrantedunderanAnnextothePlan.Non-EmployeeDirectorsandConsultantsarenoteligibletobegrantedAwardsunderthemainrulesofthePlanandshallonlybeeligibletoreceiveAwardsgrantedunderanAnnextothePlan.AllAwardsmadeunderthePlanmaybesettledinSharesonly.AnyAwardthatmaybesettledincashorinacombinationofcashorSharesshallbegrantedonlyunderanAnnextothePlan.

1.2 DefinitionsAsusedinthePlan,thefollowingtermsshallhavethemeaningssetforthbelow:“Act”meanstheUnitedKingdomCompaniesActof2006,asamendedfromtimetotime,andtherulesandregulationsthereunder.“Affiliate”means(i)anyentityinwhichtheCompany,directlyorindirectly,ownsfiftypercent(50%)ormoreofthecombinedvotingpower,asdeterminedbytheCommittee,(ii)any“parentcorporation”oftheCompany(asdefinedinCodeSection424(e)),(iii)any“subsidiarycorporation”ofanysuchparentcorporation(asdefinedinCodeSection424(f))oftheCompanyand(iv)anytradesorbusinesses,whetherornotincorporatedwhicharemembersofacontrolledgrouporareundercommoncontrol(asdefinedinCodeSections414(b)or(c))withtheCompany.ForthepurposesofthedefinitionofEmployee,“Affiliate”shallmeananycompanywhichisasubsidiaryorholdingcompanyoftheCompany,orwhichisasubsidiaryofaholdingcompanyoftheCompany,withinthemeaninggiventothosetermsinSection1159oftheAct.“Awards”means,collectively,Options,BonusShares,ShareAppreciationRights,RestrictedShareUnits,RestrictedShares,PerformanceAwardsandDividendEquivalents,ineachcase,thatmaybeawardedorgrantedunderthePlan.“Board”hasthemeaningsetforthinSection1.1ofthePlan.“BonusShares”meansSharesdescribedinArticleIVofthePlan.“ChangeinControl”shallbedeemedtohaveoccurreduponanyofthefollowingevents:(a) any “person” (as defined in Section 3(a)(9) of the Exchange Act, and as modified in Section 13(d) and 14(d) of the Exchange Act) other than (i) the

Companyoranyofitssubsidiaries,(ii)anyemployeebenefitplanoftheCompanyoranyofitssubsidiaries,(iii)anyAffiliate,(iv)acompanyowned,directlyorindirectly,byshareholdersoftheCompanyinsubstantiallythesameproportionsastheirownershipoftheCompanyor(v)anunderwritertemporarilyholdingsecuritiespursuanttoanofferingofsuchsecurities(a“Person”),becomesthe“beneficialowner”(asdefinedinRule13d-3oftheExchangeAct),directlyorindirectly,ofsecuritiesoftheCompanyrepresentingmorethanfiftypercent(50%)ofthevotingsharesoftheCompanythenoutstanding;

(b) individualswho,asoftheEffectiveDate,constitutetheBoard(the“IncumbentBoard”)ceaseforanyreasontoconstituteatleastamajorityoftheBoard;

provided,however,thatanyindividualbecomingaDirectorsubsequenttotheEffectiveDatewhoseelectiontotheBoardwasapprovedbyavoteofatleast a majority of theDirectors thencomprisingtheIncumbent Boardshallbe consideredas thoughsuchindividual werea member of the IncumbentBoard,butexcluding,forthispurpose,anysuchindividualwhoseinitialassumptionofofficeoccursasaresultofanelectioncontestwithrespecttotheelectionorremovalofdirectorsorothersolicitationofproxiesorconsentsbyoronbehalfofaPersonotherthantheBoard;


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(c) the consummation of any merger, organization, business combination or consolidation of the Companyor oneof its subsidiaries with or into any otherentity, other than a merger, reorganization, business combination or consolidation which would result in (i) the holders of the voting securities of theCompanyoutstandingimmediatelypriortheretoholdingsecuritieswhichrepresentimmediatelyaftersuchmerger,reorganization,businesscombinationorconsolidationmorethanfiftypercent(50%)ofthecombinedvotingpowerofthevotingsecuritiesoftheCompanyorthesurvivingcompanyortheparentofsuch surviving company or (ii) at least a majority of the members of the board of directors of the corporation, or the similar managing body of a non-corporateentity,resultingfromsuchmerger,organization,businesscombinationorconsolidationweremembersoftheIncumbentBoardatthetimeoftheexecutionoftheinitialagreementortheactionoftheBoard,asapplicable,providingforsuchmerger,organization,businesscombinationorconsolidation;

(d) theconsummationof a sale or disposition bytheCompanyof all or substantially all of theCompany’s assets, other than(i) a sale or dispositionif the

holdersofthevotingsecuritiesoftheCompanyoutstandingimmediatelypriortheretoholdsecuritiesimmediatelythereafterwhichrepresentmorethanfiftypercent(50%)ofthecombinedvotingpowerofthevotingsecuritiesoftheacquiror,orparentoftheacquiror,ofsuchassetsor(ii)atleastamajorityofthemembersoftheboardofdirectorsofthecorporation,orthesimilarmanagingbodyofanon-corporateentity,resultingfromsuchsaleordispositionweremembersoftheIncumbentBoardatthetimeoftheexecutionoftheinitialagreementortheactionoftheBoard,asapplicable,providingforsuchsaleordisposition;or

(e) theshareholdersoftheCompanyapproveaplanofcompleteliquidationordissolutionoftheCompany.Notwithstanding the foregoing, if a Change inControl constitutes a payment event with respect to any portion of an Award that provides for the deferral ofcompensationandissubjecttoCodeSection409A,thetransactionoreventdescribedinsubsection(a),(b),(c),(d)or(e)withrespecttosuchAward(orportionthereof)mustalsoconstitutea“changeincontrolevent”asdefinedinTreasuryRegulationSection1.409A-3(i)(5)totheextentrequiredbyCodeSection409A.“Code”meanstheU.S.InternalRevenueCodeof1986,asamendedfromtimetotime,andtherulesandregulationsthereunder.“Committee”meansthecompensationcommitteeoftheBoard,oranyothercommitteeoftheBoarddesignatedbytheBoardorthecompensationcommittee,inaccordance with Section 1.4 hereof, for specific purposes as provided in the applicable Board or compensation committee resolutions approving suchdesignation.“Company”meansRowanCompaniesplc,apubliclimitedcompanyincorporatedunderthelawsofEnglandandWales.“CoveredEmployee”meansanyEmployeewhois,orcouldbe,a“coveredemployee”withinthemeaningofCodeSection162(m).“Director”meansanindividualwhoisamemberoftheBoard.“DividendEquivalent”meansarighttoreceivetheequivalentvalue(inShares)ofdividendspaidonSharesawardedunderArticleIXofthePlan.“EBITDA”hasthemeaningsetforthinSection8.2(b)ofthePlan.“EffectiveDate”meansthedatethePlanisapprovedbytheCompany’sshareholdersinfiscalyear2017.“EligibleIndividual”meansanypersonwhoisanEmployee,asdeterminedbytheCommittee.“Employee”meansanyindividualwhoisonthepayrollrecordsoftheCompanyoranAffiliateandactivelyprovidingservicestotheCompanyoranAffiliateasanemployee.“EquityRestructuring”meansanonreciprocaltransactionbetweentheCompanyanditsshareholders,suchas(A)asharedividend,sharesplit,spin-off,rightsofferingorrecapitalizationthroughalarge,nonrecurringcashdividend,thataffectsthenumberorkindofShares(orothersecuritiesoftheCompany)orthepriceof Shares(or other securities) andcausesachangein theper-Share valueof theShares underlying outstanding Awards, (B) a subdivision, consolidation orreclassificationof Shares, (C) adistribution(whetherby wayof bonus, capitalization or similar issueor otherwise) by the Companyto existingholders of theShares of (i) additional Shares or (ii) other share capital or securities or (iii) securities, rights or warrants granting the right to a distribution of Shares or topurchase, subscribe or receive Shares or any other shares or securities or assets (other than the payment of a cash dividend); (D) the consolidation,amalgamationor mergerof theCompanywithorintoanother entity (other thanaconsolidation,amalgamationormergerfollowingwhichtheCompanyisthesurvivingentityandwhichdoesnotresultinanyreclassificationof,orchangeintheShares);or(E)anyeventinrespectoftheSharesanalogoustoanyoftheforegoingeventsorotherwisehavingadilutingorconcentratingeffectonthemarketvalueoftheShares.“ExchangeAct”meanstheU.S.SecuritiesExchangeActof1934,asamended.“FairMarketValue”or“FMVPerShare”and“fairmarketvalue”means,inthecaseoftheCompany’sSharesonaparticularday,theaverageofthehighandlowtradingpricesoftheSharesforthatday,asreportedbytheNewYorkStockExchangeonthatday.If,onanygivenday,thefairmarketvalueasdefinedinthe preceding sentence is not ascertainableor appropriate for any reason, the Committee mayadopt another appropriate method of determining fair marketvalue.


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“FullValueAward”meansanyAwarddenominatedinordeterminedbyreferencetoShares,otherthananOptionoraShareAppreciationRight.“Greater Than 10%Shareholder ”means an individual then owning (within the meaning of Code Section 424(d)) more than ten percent (10%) of the totalcombined votingpower of all classes of shares of the Company or any subsidiary corporation (as defined in Code Section 424(f)) or parent corporation (asdefinedinCodeSection424(e))thereof.“IncentiveOption”meansanyOptionthatsatisfiestherequirementsofCodeSection422andisgrantedpursuanttoArticleIIIofthePlan.“IncumbentBoard”hasthemeaningsetforthinparagraph(b)ofthedefinitionof“ChangeinControl”underthisSection1.2.“Non-QualifiedOption”meansanOptionnotintendedtosatisfytherequirementsofCodeSection422thatisgrantedpursuanttoArticleIIofthePlan.“Option”meansanoptiontoacquireSharesgrantedpursuanttotheprovisionsofthePlanthatiseitheranIncentiveOptionoraNon-QualifiedOption.“OptionExpirationDate”means,withrespecttoanOption,thedatedeterminedbytheCommittee,whichshallnotbemorethanten(10)yearsafterthedateofgrantofsuchOption;provided,however,thatwithrespecttoanyIncentiveOptiongrantedtoaGreaterThan10%Shareholder,theOptionExpirationDateshallnotbemorethanfive(5)yearsafterthedateofgrantofsuchIncentiveOption.“Optionee”meansaParticipantwhohasreceivedanOption.“Participant”meansanyEligibleIndividualgrantedanAwardunderthePlan.“PerformanceAward”meansanAwardgrantedpursuanttoArticleVIIIofthePlan,that,ifearned,shallbepayableinShares.“Person”hasthemeaningsetforthinparagraph(a)ofthedefinitionof“ChangeinControl”underthisSection1.2.“Plan”hasthemeaningsetforthinSection1.1ofthePlanand,exceptasotherwiseexplicitlyprovidedherein,referencestothePlanshallincludetheOriginalPlan.“PriorPlan”meansthe2009RowanCompanies,Inc.IncentivePlan,asamended.“RestrictedPeriod”means,withrespecttoanAward,theperiodestablishedbytheCommitteeduringwhichsuchAwardeitherremainssubjecttoforfeitureorisnotexercisablebytheParticipant.“RestrictedShares”meansoneormoreShares,priortothelapseofrestrictionsthereon,grantedunderArticleVIofthePlan.“RestrictedShareUnit”meansanAward,grantedpursuanttoArticleVIIofthePlan,oftherighttoreceiveShares.“SecuritiesAct”meanstheU.S.SecuritiesActof1933,asamended.“Service”meansaParticipant’sserviceasanEmployee.“Share”meansaClassAordinaryshareoftheCompany,nominalvalue$0.125pershare.“ShareAppreciationRights”meansanAwardgrantedpursuanttoArticleVofthePlan.“ShareLimit”hasthemeaningsetforthinSection1.3ofthePlan.“Spread”hasthemeaningsetforthinSection5.1ofthePlan.

1.3 Shares Subject to the Plan(a) ShareLimitations.Subjecttoadjustmentasprovidedherein,atotalof11,125,258Shares(the“ShareLimit”)shallbeauthorizedforgrantunderthePlan

fromandaftertheEffectiveDate,whichamountrepresentsanincreaseof2,174,572SharesabovethenumberofSharespreviouslyauthorizedforgrantundertheOriginalPlan;provided,thattheShareLimitshallbe(A)reducedby(i)one(1)ShareforeachSharesubjecttoanAwardofOptionsorShareAppreciationRightsgrantedundertheOriginalPlanafterDecember31,2016andpriortotheEffectiveDate,and(ii)2.24SharesforeachSharesubjecttoaFull ValueAwardgrantedundertheOriginal PlanafterDecember31,2016andpriortotheEffectiveDate,and(B)increased(inaccordancewiththesharecountingprovisionsofSection1.3(d)oftheOriginalPlan)bythenumberofSharesthatagainbecomeavailableforgrantundertheOriginalPlanafterDecember31,2016andpriortotheEffectiveDate.AnySharesthataresubjecttoAwardsofOptionsorShareAppreciationRightsgrantedunderthePlanonoraftertheEffectiveDateshallbecountedagainsttheShareLimitasone(1)Shareforeveryone(1)Sharegranted.AnySharessubjecttoaFullValue Award granted under the Plan on or after the Effective Date shall be counted against the Share Limit as 1.91 Shares for every one (1) Sharegranted.AftertheeffectivedateoftheOriginalPlan,noawardsmaybegrantedunderthePriorPlan;however,anyawardsunderanyPriorPlanthatareoutstandingasof theeffectivedateof theOriginalPlanshall continuetobesubject tothetermsandconditionsof suchPrior Plan. AnySharesissuedpursuanttothePlanshallbefullypaidandnonassessable.Notwithstandinganythingtothecontrarycontainedherein,thefollowinglimitationsshallapplytoAwardsgrantedunderthePlan:


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(i) the payment of Dividend Equivalents in cash in conjunction with any outstanding Awards shall not be counted against the Shares available for

issuanceunderthePlan;and (ii) noParticipantmaybegrantedAwardsinrespectofanyone(1)-yearperiodcoveringorrelatingtomorethan1,500,000Shares.(b) ShareCounting.IfanySharessubjecttoanAwardareforfeitedorexpireoranAwardissettledforcash(inwholeorinpart)pursuanttoanAnnextothe

Plan,thentheSharessubjecttosuchAwardshall,totheextentofsuchforfeiture,expirationorcashsettlement,againbeavailableforAwardsunderthePlaninaccordancewithSection1.3(d)below.Notwithstandinganythingtothecontrarycontainedherein,thefollowingSharesshallnotbeaddedtotheSharesauthorizedforgrantunderSection1.3(a)andshallnotbeavailableforfuturegrantsofAwards:(i)ShareswithheldbytheCompanyinpaymentoftheexercisepriceofanOption;(ii)SharestenderedbytheParticipantorwithheldbytheCompanytosatisfyanytaxwithholdingobligationwithrespecttoanAwardotherthananyFullValueAward;(iii)SharessubjecttoaShareAppreciationRightthatarenotissuedinconnectionwiththesettlementoftheShareAppreciationRightonexercisethereof;and(iv)SharespurchasedontheopenmarketwiththecashproceedsfromtheexerciseofOptions.AnyRestrictedSharesrepurchasedbytheCompanyand/oranemployeebenefittrustunderArticleVIofthisPlanatthesamepricepaidbytheParticipantsothatsuchSharesarereturnedtotheCompanyand/oranemployeebenefittrustshallagainbeavailableforAwards.NotwithstandingtheprovisionsofthisSection1.3(b) ,noSharesmayagainbeoptioned,grantedorawardedif suchactionwouldcauseanIncentiveOptiontofail toqualifyasan“incentivestockoption”underCodeSection422.

(c) SubstituteAwards.AnyAwardsgrantedunderthePlanupontheassumptionof,orinsubstitutionfor,outstandingequityawardspreviouslygrantedbya

company or other entity in connection with a corporate transaction, such as a merger, combination, consolidation or acquisition of property or shares(excludinganyAwardmadeinconnectionwiththecancellationandrepricingofanOptionofShareAppreciationRight),inanycase,shallnotreducetheSharesauthorizedforgrantunderthePlan.Additionally,intheeventthatacompanyacquiredbytheCompanyoranyAffiliateorwithwhichtheCompanyoranyAffiliatecombineshassharesavailableunderapre-existingplanapprovedbyshareholdersandnotadoptedincontemplationofsuchacquisitionorcombination,thesharesavailableforgrantpursuanttothetermsofsuchpre-existingplan(asadjusted,totheextentappropriate,usingtheexchangeratioorotheradjustmentorvaluationratioorformulausedinsuchacquisitionorcombinationtodeterminetheconsiderationpayabletotheholdersofcommonstock(orordinarysharesorequivalentsecurities)oftheentitiespartytosuchacquisitionorcombination)maybeusedforAwardsunderthePlanandshallnotreducetheSharesauthorizedforgrantunderthePlan;provided,thatAwardsusingsuchavailableSharesshall notbemadeafterthelastdateonwhichawardsorgrantscouldhavebeenmadeunderthetermsofthepre-existingplan,absenttheacquisitionorcombination,andshallonlybemadetoindividualswhowerenotemployedbyorprovidingservicestotheCompanyoritsAffiliatesimmediatelypriortosuchacquisitionorcombination.

(d) TypesofAwards.AnySharesthatagainbecomeavailableforgrantpursuanttothisSection1.3aftertheEffectiveDateshallbeaddedbackas:(i)one(1)

Shareif suchSharesweresubjecttoanOptionoraShareAppreciationRightgrantedunderthePlanoranoptionorshareappreciationrightsgrantedunderthePriorPlan,(ii)1.91SharesifsuchSharesweresubjecttoFullValueAwardsgrantedunderthePlanorfullvalueawardsgrantedunderthePriorPlan.

(e) Adjustments.ExceptasotherwisesetforthinSections10.10and10.11below,intheeventthatatanytimeaftertheEffectiveDatetheoutstandingShares

are changed into or exchanged for a different number or kind of shares or other securities of the Company by reason of a merger, consolidation,recapitalization,reclassification,sharesplit, sharedividend,combinationofsharesoranysimilareventortransaction, inordertoensurethataftersucheventtheShares(orothersecurities)subjecttothePlanandeachParticipant’sproportionateinterestinanyoutstandingAwardremainsubstantiallyasbeforetheoccurrenceofsuchevent,theCommitteemay,insuchmannerasitmaydeemequitable,adjust(a)theaggregatenumberandkindofShareswithrespecttowhichAwardsmaybegrantedunderthePlanand/orthemannerinwhichSharessubjecttoFullValueAwardsmaybecounted,(b)thenumberandkindofSharessubjecttooutstandingAwards,(c)thetermsandconditionsofanyoutstandingAwards,and/or(d)thegrantorexercisepricewithrespect toanAward. Suchadjustment in anoutstandingOptionshall bemade(i) without changeinthetotal priceapplicabletotheOptionor anyunexercisedportionoftheOption(exceptforanychangeintheaggregatepriceresultingfromrounding-offofsharequantitiesorprices)and(ii)withanynecessary corresponding adjustment in exercise price per Share. Any adjustment affecting an Award intended as “performance-based compensation”under Code Section 162(m) shall be made consistent with the requirements of Code Section 162(m). The Committee’s determinations shall be final,bindingandconclusivewithrespecttotheCompanyandallotherinterestedpersons.

1.4 Administration of the Plan(a) DutiesandPowersoftheCommittee.ThePlanshallbeadministeredbytheCommittee,whichshallhavethepowersvestedinitbythetermsofthePlan,

suchpowerstoincludetheauthority(withinanylimitationsdescribedinthePlan)to: (i) selectEligibleIndividualstobegrantedAwardsunderthePlan; (ii) determinethetypeortypesofAwardstobegrantedtoEligibleIndividualsunderthePlan,thenumberofAwardstobegrantedandnumberofShares

subjecttoeachsuchAward;


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(iii) establish such restrictions, terms and conditions as it determines in its sole discretion with respect to each Award, including without limitation anyapplicableexercise,grantorpurchasepriceandanyvestingorforfeitureconditions;

(iv) establishobjectivesandconditions(ifany)forearningAwards; (v) determinethetermsandconditionsofAwardagreements(whichshallnotbeinconsistentwiththisPlan)andwhomustsigneachAwardagreement; (vi) determinewhethertheconditions(ifany)forearninganAwardhavebeenmetandwhetheraPerformanceAwardwillbepaid(inwholeorinpart)atthe

endofanapplicableperformanceperiod; (vii) exceptasotherwiseprovidedinthisPlan,modifythetermsofAwardsmadeunderthisPlan; (viii) determineif,whenandunderwhatconditionssettlementorpaymentofalloranypartofanAwardmaybedeferred; (ix) determinewhethertheamountorpaymentofanAwardshouldbereducedoreliminated; (x) accelerate,inwholeorinpart,thevestingorlapseofrestrictionsofanyAwardorportionthereofatanytimeafterthegrantofsuchAward,subjecttothe

termsandconditionsofthePlan; (xi) determinetheguidelinesand/orproceduresforthesettlement,payment,vestingand/orexerciseofAwards; (xii) determine whether a Performance Award should qualify, regardless of its amount, as deductible in its entirety for U.S. federal income tax purposes,

includingwhetheraPerformanceAwardshouldqualifyasperformance-basedcompensation; (xiii) recoup from Participants all or a portion of the amounts granted or paid under the Plan if the Company’s reported financial or operating results are

materiallyandnegativelyrestatedwithinfive(5)yearsofthegrantorpaymentofsuchamounts; (xiv) recoup from Participants who engaged in conduct which was fraudulent, negligent or not in good faith, and which disrupted, damaged, impaired or

interferedwiththebusiness,reputationorEmployeesoftheCompanyoritsAffiliatesorwhichcausedasubsequent adjustmentorrestatement of theCompany’sreportedfinancialstatements,alloraportionoftheamountsgrantedorpaidunderthePlanwithinfive(5)yearsofsuchconduct;

(xv) make,amendandrescindsuchrulesasitdeemsnecessaryoradvisablefortheproperadministrationofthePlan,includingadoptingsub-planstothe

PlanorspecialtermsforAwardsgrantedtoParticipantsincountriesoutsidetheUnitedKingdomandtheUnitedStates; (xvi) interpretthePlanandallAwardsunderthePlan; (xvii) makeallotherdeterminationsnecessaryoradvisablefortheadministrationofthePlan; (xviii)correctanydefect,supplyanyomissionorreconcileanyinconsistencyinthePlanorinanyAwardinthemannerandtotheextentthattheCommittee

deemsdesirabletoeffectuatethePlan;and (xix) enterintoarrangementswiththetrusteeofanyemployeebenefittrustestablishedbytheCompanyoranyofitsAffiliatestofacilitatetheadministrationof

AwardsunderthePlan.AnyactiontakenordeterminationmadebytheCommitteepursuanttothisoranyotherprovisionofthePlanshallbefinal,bindingandconclusiveonallaffectedpersons,including,withoutlimitation,theCompany,anyAffiliate,anygrantee,holderorbeneficiaryofanAward,anyshareholderandanyEligibleIndividual.(b) Committee.TotheextentnecessarytocomplywithRule16b-3oftheExchangeAct,andwithrespecttoAwardsthatareintendedtobe“performance-

based compensation” within the meaning of Code Section 162(m), including Options and Share Appreciation Rights, then the Committee (or anothercommitteeorsubcommitteeoftheBoardassumingthefunctionsoftheCommitteeunderthePlan)shalltakeallactionwithrespecttosuchAwards,andtheindividualstakingsuchactionshallconsistsolelyoftwoormorenon-employeeDirectorsappointedbyandholdingofficeatthepleasureoftheBoard,eachofwhomisintendedtoqualifyasbotha“non-employeedirector”asdefinedbyRule16b-3oftheExchangeActoranysuccessorruleandan“outsidedirector” for purposes of Section 162(m) of the Code. Additionally, to the extent required by applicable law, each of the individuals constituting theCommittee (or another committee or subcommittee of the Board assuming the functions of the Committee under the Plan) shall be an “independentdirector”undertherulesoftheNewYorkStockExchangeoranyothersecuritiesexchangeorautomatedquotationsystemonwhichtheSharesarelisted,quotedortraded.Notwithstandingtheforegoing,anyactiontakenbytheCommitteeshallbevalidandeffective,whetherornotmembersoftheCommitteeatthetimeofsuchactionarelaterdeterminednottohavesatisfiedtherequirementsformembershipsetforthinthisSection1.4orotherwiseprovidedinany charter of the Committee. Except as may otherwise be provided in any charter of the Committee, appointment of Committee members shall beeffectiveuponacceptanceofappointment.CommitteemembersmayresignatanytimebydeliveringwrittenorelectronicnoticetotheBoard.VacanciesintheCommitteemayonlybefilledbytheBoard.Notwithstandingtheforegoing,(a)thefullBoard,actingbyamajorityofitsmembersinoffice,shallconductthegeneraladministrationofthePlanwithrespecttoAwardsgrantedtonon-employeeDirectorsand,withrespecttosuchAwards,theterms“Committee”asusedinthePlanshallbedeemedtorefertotheBoardand(b)theBoardorCommitteemaydelegateitsauthorityhereundertotheextentpermittedbythisSection1.4.


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(c) DelegationofAuthority.TheCommittee may delegate any of its authority to any one or more members of the Board or to any othercommitteeoftheBoard, to the extent permitted by applicable law, provided such delegation is made in writing and specifically sets forth such delegated authority.Notwithstandingtheforegoing,innoeventshallanofficeroftheCompanybedelegatedtheauthoritytograntawardsto,oramendawardsheldby,thefollowing individuals: (a) individuals who are subject to Section 16 of the Exchange Act, (b) Covered Employees or (c) officers of the Company (orDirectors)towhomauthoritytograntoramendAwardshasbeendelegatedhereunder;provided,further,thatanydelegationofadministrativeauthorityshallonlybepermittedtotheextentitispermissibleunderSection162(m)oftheCodeandotherapplicablelaw.AnydelegationhereundershallbesubjecttotherestrictionsandlimitsthattheBoardorCommitteespecifiesatthetimeofsuchdelegation,andtheBoardmayatanytimerescindtheauthoritysodelegatedorappointanewdelegatee.Atalltimes,thedelegateeappointedunderthisSection1.4shallserveinsuchcapacityatthepleasureoftheBoardandtheCommittee.

(d) Liability.NomemberoftheBoardortheCommitteeshallbeliableforanyactionordeterminationmadeingoodfaithwithrespecttothePlanoranyAward

granted hereunder, and the members of the Board andthe Committee shall be entitled to indemnification and reimbursement by the CompanyanditsAffiliatesinrespectofanyclaim,loss,damageorexpense(includinglegalfees)arisingtherefromtothefullestextentpermittedbylawandsubjecttothefollowingprovisions.

NothinginthisSection1.4shallexemptadirectorofacompany(toanyextent)fromanyliabilitythatwouldotherwiseattachtohiminconnectionwithany

negligence,default,breachofdutyorbreachoftrustinrelationtothecompany.Inaddition,notwithstandinganyprovisioninthisPlantothecontrary,theCompanydoesnotmakeanyindemnityinrespectof:

(i) anyclaimbroughtagainstadirectoroftheCompanyorofanyassociatedcompany(forpurposesofSections1.4(d)(i)and(ii)only,a“Director”)

broughtbytheCompanyoranassociatedcompanyfornegligence,default,breachofdutyorbreachoftrust; (ii) anyliabilityofaDirectortopay:

(1) afineimposedincriminalproceedings;or (2) asumpayabletoaregulatoryauthoritybywayofapenaltyinrespectofnon-compliancewithanyrequirementofaregulatorynature(however

arising); (3) anyliabilityincurredbyaDirector:

(A) indefendinganycriminalproceedingsinwhichheisconvicted; (B) indefendinganycivilproceedingsbroughtbytheCompanyoranassociatedcompanyinwhichjudgmentisgivenagainsthim;or (C) inconnectionwithanyapplicationunderSection661(3)or(4)oftheActorSection1157oftheActinwhichthecourtrefusestograntthe

Directorrelief.ForthepurposeofthisSection1.4,“company”meansacompanyformedandregisteredundertheAct,referencestoaconviction,judgmentorrefusalofreliefaretothefinaldecisionintherelevantproceedingswhichshall bedeterminedinaccordancewithSection234(5)oftheActandreferences toan“associatedcompany”aretoanassociatedcompanyoftheCompanywithinthemeaningoftheAct.

1.5 Granting of Awards to Participants(a) Participation.The Committee shall have the authority to grant, prior to the expiration date of the Plan, Awards to such Eligible Individuals as may be

selectedbyit, subjecttothetermsandconditionssetforthinthePlan.InselectingtheindividualstoreceiveAwards,includingthetypeandsizeoftheAward,theCommitteemayconsiderthecontributiontherecipienthasmadeand/ormaymaketothegrowthorperformanceoftheCompanyoritsAffiliatesandanyotherfactorsthatitmaydeemrelevant.

(b) LimitationsApplicabletoSection16Persons.NotwithstandinganyotherprovisionofthePlanoranyAnnextothePlan,thePlan,eachAnnextothePlan

andanyAwardgrantedorawardedtoanyindividualwhoisthensubjecttoSection16oftheExchangeActshallbesubjecttoanyadditionallimitationssetforthinanyapplicableexemptiveruleunderSection16oftheExchangeAct(includingRule16b-3oftheExchangeActandanyamendmentsthereto)thatare requirements for the application of such exemptive rule. To the extent permitted by applicable law, the Plan, each Annex to the Plan and AwardsgrantedorawardedunderthePlan(oranyAnnextothePlan)shallbedeemedamendedtotheextentnecessarytoconformtosuchapplicableexemptiverule.

1.6 Term of PlanIf not sooner terminated under the provisions ofSection 1.7 , the Plan shall terminate upon, and no further Awards shall be made after, the tenth (10 th)anniversaryofthedatethePlanisapprovedbytheBoardin2017;provided,thatthetermsandconditionsofthePlanshallcontinuetogovernanyoutstandingAwardsuntilallAwardsgrantedunderthePlanhavebeenexercised,forfeitedorhaveexpiredorterminated.


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1.7 Amendment and Discontinuance of the PlanTheBoardmayamend,suspendorterminatethePlanatanytimewithoutpriornoticetoorconsentofanyperson;provided,however,thatsubjecttoSection10.10and except as provided inSection 12.11 , no amendment, suspension or termination of the Plan may, without the written consent of the holder of anAward,terminatesuchAwardoradverselyaffectsuchperson’srightswithrespecttosuchAwardinanymaterialrespect.Notwithstandingtheforegoing,withoutapprovaloftheCompany’sshareholdersgivenwithintwelve(12)monthsbeforeoraftertheactionbytheBoard,noactionoftheBoardmay,exceptasprovidedinSection10.10,(a)increasetheSharesauthorizedforissuanceunderthePlan,(b)reducetheperSharepriceofanyoutstandingOptionorShareAppreciationRight,(c)cancelanyoutstandingOptionorShareAppreciationRightinexchangeforcashoranotherAwardwhentheperSharepriceofsuchOptionorShareAppreciationRightexceedstheFMVPerShare;or(d)makeanyamendmenttothePlaneffectivepriortoapprovaloftheCompany’sshareholderstotheextentsuchapprovalisrequiredbyapplicablelegalrequirementsortherequirementsofanysecuritiesmarketorexchangeonwhichtheSharesarethenlisted.

Article II Non-Qualified Options2.1 EligibilityTheCommitteemaygrantNon-QualifiedOptionstopurchaseSharestoanyEmployee.EachNon-QualifiedOptiongrantedunderthePlanshallbeevidencedbyawrittenagreementbetweentheCompanyandtheindividualtowhomsuchNon-QualifiedOptionisgrantedinsuchformastheCommitteeshallprovide.

2.2 Exercise PriceTheexercisepricetobepaidforeachSharedeliverableuponexerciseofeachNon-QualifiedOptiongrantedunderthisArticleIIshallnotbelessthan100%oftheFMVPerShareonthedateofgrantofsuchNon-QualifiedOption.

2.3 Terms and Conditions of Non-Qualified OptionsNon-QualifiedOptionsshallbeinsuchformastheCommitteemayfromtimetotimeapprove,shallbesubjecttothefollowingtermsandconditionsandmaycontainsuchadditionaltermsandconditions(including,butnotlimitedtoconditionsofvestingorexerciseoftheOptions),notinconsistentwiththePlan,astheCommitteeshalldeemdesirable:(a) Option Period and Conditions and Limitations on Exercise.NoNon-Qualified Option shall be exercisable later than the Option Expiration Date. To the

extent not prohibited by other provisions of the Plan, each Non-Qualified Option shall be exercisable at such time or times as the Committee, in itsdiscretion,maydetermineatthetimesuchNon-QualifiedOptionisgranted.

(b) MannerofExercise.InordertoexerciseaNon-QualifiedOption,thepersonorpersonsentitledtoexercisesuchNon-QualifiedOptionshalldelivertothe

Companyoritsdesigneepaymentinfullfor(i)theSharesbeingpurchasedand(ii)unlessotherarrangementshavebeenmadewiththeCommittee,anyrequiredwithholdingtaxes.ThepaymentoftheexercisepriceforeachNon-QualifiedOptionshallbe(x)incashorbycheckpayableandacceptabletotheCompany or its designee, or (y) with the consent of the Committee, which may be granted or withheld in the Committee’s sole discretion, and uponcompliancewithsuchinstructionsastheCommitteemayspecify,theCompanyoritsdesigneemaydelivertheSharesforwhichtheNon-QualifiedOptionis being exercised to a broker for sale on behalf of the person, provided that the person has irrevocably instructed suchbroker to remit directly to theCompanyoritsdesigneeontheperson’sbehalffromtheproceedsofsuchsalethefullamountoftheexerciseprice,plusallrequiredwithholdingtaxes.

(c) Alternative Payment for Shares . With the consent of the Committee, which may be grantedor withheld in the Committee’s sole discretion, and upon

compliance with such instructions as the Committee mayspecify,payment of the exercise price or withholding maybe made, in whole or in part, withShareswithrespecttowhichtheOptionisbeingexercised.Ifpaymentistobemadeinsuchmanner,thentheParticipantshalldelivertotheCompanyoritsdesigneeanoticeofexerciseastothenumberofSharestobeissuedtotheParticipantaswellasthenumberofSharestoberetainedbytheCompanyinpayment.Insuchcase,thenoticeofexerciseshallinclude(A)astatementdirectingtheCompanytoretainthenumberofSharesfromtheexerciseoftheOptionstheFairMarketValue(asofthedateofdeliveryofsuchnotice)ofwhichisequaltotheportionoftheexercisepriceand/ortaxwithholdingwithrespecttowhichtheParticipantintendstomakepayment,and(B)suchadditionalpaymentincashasshallbenecessary,whenaddedtotheconsiderationpaidwithSharessubjecttotheOption,topaytheexercisepriceandtaxwithholdinginfullforallsuchShares.IftheCompanyoranAffiliateisrequiredtowithholdonaccountofanyapplicabletaximposedasaresultoftheexerciseofanOptionbyretentionofoptionedSharesunderthisSection,theSharesretainedshallincludeanadditionalnumberofShareswhoseFairMarketValueequalstheamountthusrequiredtobewithheldattheapplicableminimumstatutoryrateorotherapplicablewithholdingrate.


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(d) TransferofNon-QualifiedOptions.Exceptasprovidedbelow,noNon-QualifiedOptiongrantedhereundershallbetransferableotherthan(i)bywillorbythelawsofdescentanddistributionor(ii)pursuanttoadomesticrelationsorder,andduringthelifetimeoftheParticipanttowhomanysuchNon-QualifiedOptionisgranted,itshallbeexercisableonlybytheParticipant(orhisguardian).Anyattempttotransfer,assign,pledge,hypothecateorotherwisedisposeof, or to subject to execution, attachment or similar process, any Non-Qualified Option granted hereunder, or any right thereunder, contrary to theprovisionshereof,shallbevoidandineffective,shallgivenorighttothepurportedtransfereeandshall,atthesolediscretionoftheCommittee,resultinforfeitureoftheNon-QualifiedOptionwithrespecttotheSharesinvolvedinsuchattempt.AnyNon-QualifiedOptionthatistransferredinaccordancewiththe provisions of this Section 2.3(d)may only be exercised by the person or persons who acquire a proprietary interest in the Non-Qualified Optionspursuanttothetransfer.

2.4 Option RepricingExcept as otherwise provided inSection1.3andSection 10.12 , the Committee, subject to shareholder approval, may grant to holders of outstandingNon-Qualified Options, in exchange for the surrender and cancellation of such Non-Qualified Options, cash or other Awards, new Non-Qualified Options havingexercise prices lower (or higher with any required consent) than the exercise price provided in the Non-Qualified Options so surrendered and canceled andcontainingsuchothertermsandconditionsastheCommitteemaydeemappropriate.

Article III Incentive OptionsThetermsspecifiedinthisArticleIIIshallbeapplicabletoallIncentiveOptions.ExceptasmodifiedbytheprovisionsofthisArticleIII,alloftheprovisionsofArticleIIshall beapplicabletoIncentiveOptions. Optionswhicharespecifically designatedasNon-QualifiedOptionsshall not besubject tothetermsof thisArticleIII.Subjecttoadjustmentasprovidedherein,nomorethanatotalof11,125,258SharesshallbeauthorizedforgrantasIncentiveOptions.

3.1 Eligibility; General ProvisionsIncentiveOptionsmayonlybegrantedtoEmployeeswhoaretreatedas“employees”oftheCompanyoroneofitssubsidiarycorporations(asdefinedinCodeSection424(f))underCodeSection422.TotheextentthattheaggregateFairMarketValueofShareswithrespecttowhich“incentivestockoptions”(withinthemeaningofCodeSection422butwithoutregardtoCodeSection422(d))areexercisableforthefirsttimebyanOptioneeduringanycalendaryearunderthePlanandallotherplansoftheCompanyandanyparentorsubsidiarycorporationthereof(withinthemeaningofCodeSections424(e)and424(f),respectively)exceeds $100,000, the Options shall be treated as Non-Qualified Options to the extent required by Code Section 422. The rule set forth in the precedingsentenceshallbeappliedbytakingOptionsandother“incentivestockoptions”intoaccountintheorderinwhichtheyweregrantedandtheFairMarketValueofSharesshallbedeterminedasofthetimetherespectiveoptionsweregranted.

3.2 Exercise PriceTheexercisepriceperShareshallnotbelessthan100%oftheFMVPerShareonthedateofgrantoftheIncentiveOption(oronthedatetheIncentiveOptionismodified,extendedorrenewedforpurposesofCodeSection424(h)).Inaddition,inthecaseofIncentiveOptionsgrantedtoaGreaterThan10%Shareholder,theexercisepriceperShareshallnotbelessthat110%oftheFMVPerShareonthedateofgrantoftheIncentiveOption(oronthedatetheIncentiveOptionismodified,extendedorrenewedforpurposesofCodeSection424(h)).

3.3 Limited Transfer of Incentive OptionsNoIncentiveOptiongrantedhereunder(a)shallbetransferableotherthanbywillorbythelawsofdescentanddistributionand(b)exceptaspermittedunderCodeSection422,shallbeexercisableduringtheOptionee’slifetimebyanypersonotherthantheOptionee(orhisguardian).

3.4 Option Period and Conditions and Limitations on ExerciseNoIncentiveOptionshallbeexercisablelaterthantheOptionExpirationDate.TotheextentnotprohibitedbyotherprovisionsofthePlan,eachIncentiveOptionshallbeexercisableatsuchtimeortimesastheCommittee,initsdiscretion,maydetermineatthetimesuchIncentiveOptionisgranted.


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3.5 Option RepricingExceptasotherwiseprovidedinSection1.3andSection10.12,theCommittee,subjecttoshareholderapproval,maygranttoholdersofoutstandingIncentiveOptions,inexchangeforthesurrenderandcancellationofsuchIncentiveOptions,cashorotherAwards,newIncentiveOptionshavingexercisepriceslower(orhigherwithanyrequiredconsent)thantheexercisepriceprovidedintheIncentiveOptionssosurrenderedandcanceledandcontainingsuchothertermsandconditionsastheCommitteemaydeemappropriate.

3.6 Notification Upon DispositionTheOptioneeshallgivetheCompanypromptwrittenorelectronicnoticeofanydispositionofSharesacquiredbyexerciseofanIncentiveOptionwhichoccurswithin(a)two(2)yearsfromthedateofgrantof theOption(orthedatetheIncentiveOptionismodified,extendedorrenewedforpurposesofCodeSection424(h)),or(b)oneyearafterthetransferofsuchSharetosuchOptionee.

Article IV Bonus SharesTheCommitteemay,fromtimetotimeandsubjecttotheprovisionsofthePlan,grantBonusSharestoEmployees.SuchgrantsofBonusSharesshallbeinconsiderationofperformanceofservicesbytheParticipantwithoutadditionalconsideration,exceptasmayberequiredbytheCommitteeorpursuanttoSection10.1.BonusSharesshallbeSharesthatarenotsubjecttoaRestrictedPeriodunderArticleVI.

Article V Share Appreciation RightsTheCommitteeisauthorizedtograntShareAppreciationRightstoEmployeesonthefollowingtermsandconditions:

5.1 Right to PaymentAShareAppreciationRightshallconferontheParticipanttowhomitisgranted,uponexercisethereof,arighttoreceiveShares,thevalueofwhichisequaltotheexcessof(i)theFMVPerShareonthedateofexerciseover(ii) theFMVPerShareonthedateofgrant(suchexcess,the “Spread”)multipliedbythenumberofSharescoveredbytheShareAppreciationRight.Notwithstandingtheforegoing,theCommitteemayprovide, initssolediscretion,thattheSpreadcoveredbyaShareAppreciationRightmaynotexceedaspecifiedamount.ThenumberofShareswhichshallbeissuableuponexerciseofaShareAppreciationRightshallbedeterminedbydividing(1)thenumberofSharesastowhichtheShareAppreciationRightisexercisedmultipliedbytheSpread,by(2)theFMVPerShareonthedateofexerciseoftheShareAppreciationRight.

5.2 TermsTheCommitteeshalldetermineatthedateofgrantthetimeortimesatwhichandthecircumstancesunderwhichaShareAppreciationRightmaybeexercisedinwholeorinpart(includingbasedonachievementofperformancegoalsand/orfutureservicerequirements),themethodofexercise,whetherornotaShareAppreciation Right shall be in tandem or in combination with any other Award and any other terms and conditions of any Share Appreciation Right.Notwithstandingtheforegoing,thetermofanyShareAppreciationRightshallnotbemorethanten(10)yearsfromthedateonwhichsuchShareAppreciationRightisgranted.

5.3 RepricingExcept asotherwiseprovidedinSection1.3andSection10.12, theCommittee, subject to shareholder approval, maygrant to holders of outstanding ShareAppreciationRights,inexchangeforthesurrenderandcancellationofsuchShareAppreciationRights,cashorotherAwards,newShareAppreciationRightshaving exercise prices lower (or higher with any required consent) than the exercise price provided in the Share Appreciation Rights so surrendered andcanceledandcontainingsuchothertermsandconditionsastheCommitteemaydeemappropriate.


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Article VI Restricted Shares6.1 EligibilityAllEmployeesshallbeeligibleforgrantsofRestrictedShares.

6.2 Purchase PriceTheCommitteemayestablishthepurchaseprice(if any)forRestrictedShares,provided,however , thatif apurchasepriceischarged,suchpurchasepriceshallbenolessthanthenominalvalue,ifany,oftheSharestobepurchased,unlessotherwisepermittedbyapplicablelaw.

6.3 Restrictions; Restricted Shares Held in Escrow or TrustRestrictedSharesshallbesubjecttosuchrestrictions(including,withoutlimitation,limitationsthatqualifyasa“substantialriskofforfeiture”withinthemeaninggiventothat termunderCodeSection83)andrestrictionsontransferbytheParticipant astheCommittee, initssolediscretion, shall determine.Priortothelapse of such restrictions, the Participant shall not be permitted to transfer such Shares. The Restricted Shares awarded under the Plan shall, during theRestricted Period, be left on deposit with the Company, or in trust or escrowpursuant to anagreement satisfactory to the Committee, until suchtimeas therestrictionsontransferhavelapsed.

6.4 Forfeiture of Restricted SharesExceptasotherwisedeterminedbytheCommitteeatthetimeofgrantoftheAwardorthereafter,ifnopricewaspaidbytheParticipantfortheRestrictedShares,thenuponaParticipant’s termination of ServicewiththeCompanyor anAffiliate duringtheapplicableRestrictedPeriodor if, for anyreason, therestrictionsimposedbytheCommitteeuponRestrictedSharesarenotsatisfiedattheendoftheRestrictedPeriod,then,ineithercase,anyRestrictedSharesremainingsubjecttosuchrestrictionsshallthereuponbeforfeitedbytheParticipantwithoutconsiderationthereforandshallbesurrenderedtotheCompanyandcancelledortransferredtoanemployeebenefittrust,asapplicable,andtheParticipantmayberequiredtocompletecertaindocumentsinordertoeffectuatethetransfer.

6.5 Delivery of SharesPursuanttoSection10.6ofthePlanandsubjecttothewithholdingrequirementsofArticleXIofthePlan,attheexpirationoftheRestrictedPeriod,theRestrictedShares(tothenearestfull share)withrespecttowhichtheRestrictedPeriodhasexpiredshall be transferredtotheParticipant’saccountwiththeCompany’sdesignatedbrokerforthePlanfortheabsolutebenefitoftheParticipantorhispersonalrepresentative(includingdeliverybyDWACtotheParticipant’sbroker),freeofallrestrictionsunderthePlan.

6.6 Rights as a ShareholderUnlessotherwiseprovidedbytheCommittee,aParticipantwhohasreceivedagrantofRestrictedSharesshallhavealltherightsofashareholder(including,withoutlimitation,votingrightsandtherighttoreceivealldividendsandotherdistributionspaidormadetherespecttotheShares)withrespecttosuchShares,subjecttoanyrestrictionsprovidedintheapplicableAwardagreement.Notwithstandingtheforegoing,dividendswhicharedeclaredpriortovestingshallonlybepaidtotheHoldertotheextentthatthevestingconditionsaresubsequentlysatisfiedandtheRestrictedSharevests.

6.7 Repurchase of Restricted SharesTotheextentpermissibleunderapplicablelaw,ifapricewaspaidbytheParticipantfortheRestrictedShares,uponaterminationofServicewiththeCompanyoranAffiliateduringtheapplicableRestrictedPeriod,theCompanyand/oranemployeebenefittrust,asapplicable,shallhavetherighttorepurchasefromtheParticipanttheunvestedRestrictedSharesthensubjecttorestrictionsatacashpriceperShareequaltothepricepaidbytheParticipant forsuchRestrictedShares or such other amount as may be specified in the applicable Award agreement (or, if lower, the FMVPerShare). Notwithstanding the foregoing, theCommittee,initssolediscretion,mayprovidethatuponcertainevents,includingaChangeinControl,theParticipant’sdeath,retirementordisabilityoranyotherspecifiedterminationofServicewiththeCompanyoranAffiliateoranyotherevent,theParticipant’srightsinunvestedRestrictedSharesshallnotlapse,suchRestrictedSharesshallvestand,ifapplicable,theCompanyshallnothavearightofrepurchase.


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6.8 Code Section 83(b)IfaParticipantmakesanelectionunderCodeSection83(b)tobetaxedwithrespecttotheRestrictedSharesasofthedateoftransferoftheRestrictedSharesratherthanasofthedateordatesuponwhichtheParticipantwouldotherwisebetaxableunderCodeSection83(a),theParticipantshallberequiredtodeliveracopyofsuchelectiontotheCompanypromptlyafterfilingsuchelectionwiththeInternalRevenueServicealongwithproofof thetimelyfilingthereofwiththeInternalRevenueService.Article VII Restricted Share UnitsTheCommitteeisauthorizedtograntRestrictedShareUnitstoEmployees,whicharerightstoreceiveaspecifiednumberofSharesattheendofaspecifiedRestrictedPeriod,subjecttosuchtermsandconditionsastheCommitteeshalldetermine.

7.1 Award and RestrictionsSatisfaction of a Restricted Share Unit shall occur upon expiration of the Restricted Period specified for such Restricted Share Units by the Committee. Inaddition, RestrictedShareUnitsshallbe subject to suchrestrictions (whichmayincludea risk of forfeiture), if any, as the Committee mayimposein its solediscretion, which restrictions may lapse at the expiration of the Restricted Period or at earlier specified times (including times based on achievement ofperformancegoalsand/orfutureservicerequirements),separatelyorincombination,astheCommitteemaydetermineinitssolediscretiontobeappropriateoradvisableforanyAward.

7.2 Purchase PriceTheCommitteemayspecifythepurchaseprice(ifany)tobepaidtotheCompanywithrespecttoanySharesissueduponsettlementofaRestrictedShareUnit,provided,however , that if a purchase price is charged, such purchase price shall be no less than the nominal value, if any, of a Share, unless otherwisepermittedbyapplicablelaw.

7.3 SettlementAtthetimeofgrant,theCommitteeshallspecifythesettlementdateapplicabletoeachgrantofRestrictedShareUnits,whichshallbenoearlierthanthevestingdate or dates of the Award and maybe determined at the election of the Participant holding such Award (if permitted by the applicable Award agreement);provided,however,that,exceptasotherwisedeterminedbytheCommitteeandsetforthinanyapplicableAwardagreement,andsubjecttocompliancewithCodeSection409A,innoeventshallthesettlementdaterelatingtoeachRestrictedShareUnitoccurfollowingthelaterof(a)thefifteenth(15th)dayofthethird(3rd)monthfollowingtheendofthecalendaryearinwhichtheapplicableportionoftheRestrictedShareUnitvests;or(b)thefifteenth(15th)dayofthethird(3rd)monthfollowingtheendoftheCompany’sfiscalyearinwhichtheapplicableportionoftheRestrictedShareUnitvests.Onthesettlementdate,theCompanyshall transfer to the Participant one (1) unrestricted, fully transferable Share for each RestrictedShare Unit scheduled to be paid out on such date and notpreviouslyforfeited.

7.4 ForfeitureExcept as otherwise determined by the Committee or as may be set forth in any Award or other agreement pertaining to a Restricted Share Unit, uponterminationofServicewiththeCompanyoranAffiliateduringtheapplicableRestrictedPeriodorportionthereoftowhichforfeitureconditionsapply,allRestrictedShareUnitsthatareatthattimesubjecttoforfeitureshallbeforfeited;provided,however,thattheCommitteemayprovide,byruleorregulationorinanyAwardagreement,ormaydetermineinanyindividualcase,thatrestrictionsorforfeitureconditionsrelatingtoRestrictedShareUnitsshallbewaivedinwholeorinpartintheeventofterminationsresultingfromspecifiedcauses,andtheCommitteemayinothercaseswhichitdeterminesappropriateoradvisablewaiveinwholeorinparttheforfeitureofRestrictedShareUnits.

7.5 Performance GoalsTotheextenttheCommitteedeterminesthatanyAwardgrantedpursuanttothisArticleVIIshallconstituteperformance-basedcompensationforpurposesofCodeSection162(m),thegrantorsettlementoftheAwardshall,intheCommittee’sdiscretion,besubjecttotheachievementofperformancegoalsdeterminedandappliedinamannerconsistentwithSection8.2.


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Article VIII Performance Awards8.1 Performance AwardsThe Committee may grant Performance Awards to Employees based on performance criteria measured over a period specified by the Committee. TheCommitteemayusesuchbusinesscriteriaandothermeasuresofperformanceasitmaydeemappropriateinestablishinganyperformanceconditions,andmayexerciseitsdiscretiontoincreasetheamountspayableunderanyAwardsubjecttoperformanceconditions,exceptaslimitedunderSection8.2inthecaseofaPerformanceAwardwhichisintendedtomeettherequirementsofCodeSection162(m).

8.2 Performance GoalsThegrantand/orsettlementofaPerformanceAwardshallbecontingentupontermssetforthinthisSection8.2.(a) General.TheperformancegoalsforPerformanceAwardsshallconsistofoneormorebusinesscriteriaandatargetedlevelorlevelsofperformancewith

respect to each of such criteria, as specified by the Committee. In the case of any Award granted to an Employee which is intended to meet therequirementsoftheperformance-basedexceptionofCodeSection162(m),performancegoalsshallbedesignedtobeobjectiveandshallotherwisemeettherequirementsofCodeSection162(m),includingtherequirementthatthelevelorlevelsofperformancetargetedbytheCommitteearesuchthattheachievementofperformancegoalsis“substantiallyuncertain”atthetimeofgrant.TheCommitteemaydeterminethatsuchPerformanceAwardsshallbesettleduponachievementofanyoneperformancegoalorthattwoormoreoftheperformancegoalsmustbeachievedasaconditiontothesettlementofsuchPerformanceAwards.PerformancegoalsmaydifferamongPerformanceAwardsgrantedtoanyoneParticipantorforPerformanceAwardsgrantedtodifferentParticipants.

(b) BusinessCriteria.WithrespecttoanyPerformanceAwardgrantedtoanEmployeewhichisintendedtomeettherequirementsoftheperformance-based

exceptionof CodeSection162(m), oneormoreof thefollowingbusinesscriteria(astheymaybeadjusted)for theCompany,onaconsolidatedbasis,and/orforspecifiedsubsidiaries,divisions,businesses,assetclass,orgeographicalunitsoftheCompany,orindividualEmployees(exceptwithrespecttothetotalshareholderreturnandearningspersharecriteria),shallbeusedbytheCommittee inestablishingperformancegoalsforPerformanceAwardsgrantedtoaParticipant:(i)earningsperShare;(ii)priceperShare;(iii)revenues;(iv)cashflow;(v)returnonnetassets;(vi)returnonassets;(vii)returnoninvestment;(viii)returnonequity;(ix)returnoncapitalemployed;(x)economicvalueadded;(xi)grossmargin;(xii)netincome;(xiii)pretaxearnings;(xiv) pretax earnings before interest, depreciation and amortization (“ EBITDA ”); (xv) pretax operating earnings after interest expense and beforeincentives, service fees, and extraordinary or special items; (xvi) operating income; (xvii) total shareholder return; (xviii) debt reduction; (xix) budgetcompliance;(xx)safetyandenvironmentalperformance;(xxi)fleetsizeandgrowth;(xxii)fleetvaluation;(xxiii)shipyardorrepairtime;(xxiv)shipyardorrepair cost; (xxv) rig contracting; (xxvi) rig margin; (xxvii) rig revenues; (xxviii) utilizationof, anddayratesachieved for, drillingrigs; (xxix) downtimefordrillingrigsundercontract;(xxx)procurementefficiency;(xxxi)projectexecution;(xxxii)capitalexpenditures,includingadherencetobudgetandschedule;(xxxiii) market share; (xxxiv) returnoninvestmentcapital; (xxxv) cost control and/ or efficiency; (xxxvi) market penetration; (xxxvii) geographic businessexpansion;(xxxviii)acquisitioncostefficiency;(xxxix)negotiationandcompletionoftransactions,includingmergers,acquisitions,divestitures,dispositions,joint ventures and similar transactions; (xl) customer satisfaction; (xli) employee satisfaction; (xlii) employeeattrition or retention rate; and (xliii) humanresourcemanagement.Anyoftheabovegoalsmaybedeterminedonanabsoluteorrelativebasisorascomparedtotheperformanceofapublishedorspecial index or internal benchmark deemed applicable by the Committee including, but not limited to, the Standard & Poor’s 500 Stock Index orcomponentsthereoforagroupofcomparablecompanies.TheCommitteemayprovideforexclusionoftheimpactofaneventoroccurrencewhichtheCommitteedetermines should appropriately be excluded, including (a) restructurings, discontinued operations, extraordinary items, and otherunusual,infrequently occurring or non-recurring charges or events, (b) asset write-downs, (c) litigation or claim judgments or settlements, (d) acquisitions ordivestitures, (e) reorganization or change in the corporate structure or capital structure of the Company, (f) an event either not directly related to theoperationsoftheCompany,subsidiary,division,businesssegment,assetclassorgeographicalunitornotwithinthereasonablecontrolofmanagement,(g)foreignexchangegainsandlosses,(h)achangeinthefiscalyearoftheCompany,(i)therefinancingorrepurchaseofbankloansordebtsecurities,(j)unbudgetedcapitalexpenditures,(k)theissuanceorrepurchaseofequitysecuritiesandotherchangesinthenumberofoutstandingshares,(l)conversionofsomeorallofconvertiblesecuritiestoShares,(m)anybusinessinterruptionevent(n)thecumulativeeffectsoftaxoraccountingchangesinaccordancewithU.S.generallyacceptedaccountingprinciples,or(o)theeffectofchangesinotherlawsorregulatoryrulesaffectingreportedresults.

(c) TimingforEstablishingPerformanceGoalsandSelectingParticipants.TotheextentnecessarytocomplywiththerequirementsofCodeSection162(m)(4)

(C)oftheCode,withrespecttoanyPerformanceAwardgrantedtoanEmployeewhichisintendedtoqualifyas“performance-basedcompensation”underCodeSection162(m),theCommitteeshall,inwriting,(i)establishperformancegoalsinthecaseofanyAwardgrantedtoaParticipant,(ii)oneormoreEmployees,(iii)selectthebusinesscriteriaapplicabletotheperformanceperiod,(iv)establishtheamountsofsuchAwardswhichmaybeearnedforsuchperformance period based on the business criteria, and (v) specify the relationship between the business criteria and the performance goals and theamountsofsuchAwards,asapplicable,tobeearnedbyeachCoveredEmployeeforsuchperformanceperiod,ineachcase,priorto


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the earlier to occur of (A) 90 days after the beginning of any performance period or designated fiscal period or period of Service applicable to suchPerformanceAward,or(B)thelapseof25%oftheperiodofservice(asscheduledingoodfaithatthetimethegoalisestablished),andinanyeventwhiletheoutcomeisuncertain,orduringsuchothertimeperiodthatmaybeprescribedby,andotherwisecomplieswith,CodeSection162(m).

(d) Settlement of Performance Awards; Other Terms. After the end of each performance period, the Committee shall determine the amount, if any, of

PerformanceAwardspayabletoeachParticipantbaseduponachievementofbusinesscriteriaoveraperformanceperiod.Unlessotherwiseprovidedinthe applicable performance goals or Award agreement, a Participant shall be eligible to receive payments pursuant to Performance Awards for aperformance period only if and to the extent that the performance goals for such period are achieved. The Committee may not exercise discretion toincreaseanysuchamountpayableinrespectofaPerformanceAwardthatisintendedtocomplywithCodeSection162(m).TheCommitteeshallspecifythecircumstancesinwhichsuchPerformanceAwardsshallbepaidorforfeitedintheeventofterminationofServiceoftheParticipantpriortotheendofaperformanceperiodorsettlementofPerformanceAwards,subjecttoCodeSection162(m)ifapplicable;provided,however,thattotheextentpermittedbyCodeSection162(m)(4)(C),withrespecttoanyPerformanceAwardintendedtoconstitute“performance-basedcompensation”withinthemeaningofCodeSection162(m),theParticipantmustbeemployedbytheCompanyoranAffiliatethroughouttheapplicableperformanceperiod.ThenumberofShareswhichshallbeissuableupontheearningofaPerformanceAwardshallbedeterminedbydividing(1)theamountofPerformanceAwardthatisearnedandpayable,by(2)theFMVPerShareonthedatethePerformanceAwardisearnedandpayable.

(e) WrittenDeterminations.AlldeterminationsbytheCommitteeastotheestablishmentofperformancegoals,theamountofanyPerformanceAwardandthe

achievementofperformancegoals relating to PerformanceAwardsshall bemadein a writtenagreement or other document coveringthePerformanceAward.TheCommitteemaynotdelegateanyresponsibilityrelatingtosuchPerformanceAwards.

(f) Status of Performance Awards under Code Section 162(m). It is the intent of the Company that certain of the Performance Awards shall constitute

“performance-basedcompensation”withinthemeaningofCodeSection162(m).Accordingly,thetermsofthisSection8.2shallbeinterpretedinamannerconsistentwithCodeSection162(m).

Article IX Other Awards 9.1 Dividend EquivalentsDividendEquivalents maybegrantedbytheCommittee basedondividendsdeclaredontheShares, to becredited asof dividendpayment datesduringtheperiod between the date an Award is granted to a Participant and the date such Awards vests, is exercised, is distributed or expires, asdetermined by theCommittee.SuchDividendEquivalentsshallbeconvertedtoSharesbysuchformulaandatsuchtimeandsubjecttosuchrestrictionsandlimitationsasmaybedeterminedbytheCommittee.Inaddition,DividendEquivalentsthatarebasedondividendsdeclaredpriortothevestingofanyAwardshallonlybepaidtotheParticipanttotheextentthatthevestingconditionsaresubsequentlysatisfiedandtheAwardvests.Notwithstandingtheforegoing,noDividendEquivalentsshallbepayablewithrespecttoOptionsorShareAppreciationRights.Article X Certain Provisions Applicable to All Awards10.1 Vesting and Other General ProvisionsAwards shall be evidenced by a written agreement or other document and may be granted on the terms and conditions set forth herein. In addition, theCommittee may impose on anyAward or the exercise thereof, such additional terms and conditions, not inconsistent with the provisions of the Plan, as theCommittee shall determine, including terms requiring forfeiture of Awards in the event of a termination of Service by the Participant and terms permitting aParticipanttomakeelectionsrelatingtohisorherAwardwhicharenotinconsistentwiththePlan.Theterms,conditionsand/orrestrictionscontainedinanAwardmaydifferfromtheterms,conditionsandrestrictionscontainedinanyotherAward.TheCommitteemayamendanAwardatanytime;provided,however,that,subjecttoSection10.10,noamendmentofanAwardmay,withouttheconsentoftheholderoftheAward,materiallyandadverselyaffectsuchperson’srightswithrespecttosuchAward.TheCommitteeshallretainfullpoweranddiscretiontoaccelerateorwaive,atanytime,anytermorconditionofanAwardthatisnotmandatory under the Plan;provided,however , that, subject toSection 10.10 , the Committee shall not have discretion to accelerate or waive any termorconditionofanAwardifsuchdiscretionwouldcausetheAwardtohaveadversetaxconsequencestotheParticipantunderCodeSection409A.ExceptincasesinwhichtheCommitteeisauthorizedtorequireotherformsofconsiderationunderthePlan,ortotheextentotherformsofconsiderationmustbepaidtosatisfytherequirementsoftheAct,noconsiderationotherthanservicesmayberequiredforthegrantofanyAward.


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10.2 Stand-Alone, Additional, Tandem and Substitute AwardsSubjecttothePlanlimitationsonrepricing,AwardsgrantedunderthePlanmay,inthediscretionoftheCommittee,begrantedeitheraloneorinadditionto,intandemwith,orinsubstitutionorexchangefor,anyotherAwardoranyawardgrantedunderanotherplanoftheCompany,anyAffiliateoranybusinessentitytobeacquiredbytheCompanyoranAffiliate,oranyotherrightofaParticipanttoreceivepaymentfromtheCompanyoranyAffiliate.Suchadditional,tandemandsubstituteorexchangeAwardsmaybegrantedatanytime.IfanAwardisgrantedinsubstitutionorexchangeforanotherAward,theCommitteeshallrequirethesurrenderofsuchotherAwardforcancellationinconsiderationforthegrantofthenewAward.Inaddition,Awardsmaybegrantedinlieuofcashcompensation,including in lieu of cash amounts payable under other plans of the Company or any Affiliate. Anysuchaction contemplated under thisSection10.2shall beeffectiveonlytotheextentthatsuchactionwillnotcause(a)theholderoftheAwardtolosetheprotectionofSection16(b)oftheExchangeActandrulesandregulationspromulgatedthereunder, (b) anyAwardthat is designedto qualify payments thereunder asperformance-basedcompensation asdefinedinCodeSection162(m)tofailtoqualifyassuchperformance-basedcompensationor(c)anyAwardtoviolatetheAct.

10.3 Payment for Awards by ParticipantsNotwithstandinganyotherprovisionofthePlantothecontrary,noParticipantwhoisaDirectororan“executiveofficer”withinthemeaningofSection13(k)oftheExchangeActshallbepermittedtomakepaymentwithrespecttoanyAwardsgrantedunderthePlan,orcontinueanyextensionofcreditwithrespecttosuchpayment,withaloanfromtheCompanyoraloanarrangedbytheCompanyinviolationofSection13(k)oftheExchangeAct.

10.4 Term of AwardsSubjecttoSections2.3(a)and3.4and5.2,thetermorRestrictedPeriodofeachAwardshallbeforsuchperiodasmaybedeterminedbytheCommittee.

10.5 Form and Timing of Payment of Awards by the Company; DeferralsSubjecttothetermsofthePlanandanyapplicableAwardagreement,paymentstobemadebytheCompanyoranAffiliateupontheexerciseorsettlementofanAwardmay be made in a single payment or transfer, in installments or on a deferred basis. The payment or settlement of any Awardmay, subject to anylimitations set forth in the Award agreement, be accelerated in connection with such payment or settlement, in the discretion of the Committee or uponoccurrence of one or more specified events; provided , however , that the Committee shall not accelerate the payment or settlement of an Award if suchaccelerationwouldresultinadversetaxconsequencestotheParticipantunderCodeSection409A.InstallmentordeferredpaymentsmayberequiredbytheCommittee(subjecttoSection1.7ofthePlan);provided,however,that(a)nodeferralshallberequiredorpermittedbytheCommitteeifsuchdeferralwouldresult inadversetaxconsequencestotheParticipant underCodeSection 409Aand(b) anysuchdeferral shall only beallowedasis providedin aseparatedeferredcompensationplanadoptedbytheCompany(ifany).PaymentsinrespectofanyAwardsmayincludethepaymentorcreditingofreasonableinterestoninstallmentordeferredpaymentsorthegrantorcreditingofamountsinrespectofinstallmentordeferredpaymentsdenominatedinShares.ThePlanshallnotconstitutean“employeebenefitplan”forpurposesofSection3(3)oftheU.S.EmployeeRetirementIncomeSecurityActof1974,asamended.

10.6 Vested and Unvested AwardsAfterthesatisfactionofallofthetermsandconditionssetbytheCommitteewithrespecttoanAwardgrantedtoaParticipantpursuanttothePlan,thefollowingshallbedeliveredtosuchParticipantaccordingtoproceduresestablishedbytheCompany:(a)withrespecttoanAwardofRestrictedShares,thenumberofSharesthatarenolongersubjecttosuchrestrictions,termsandconditions;(b)withrespecttoanAwardofRestrictedShareUnits,thenumberofSharesequaltothenumberofSharesearned;and(c)withrespecttoanAwardofShareAppreciationRightsorPerformanceAwards,thenumberofSharesequalinvaluetothe number of Share Appreciation Rights or amount of Performance Awards vested. Upon termination, resignation or removal of a Participant undercircumstancesthatdonotcausesuchParticipanttobecomefullyvestedinhisorherAward(s),anyremainingunvestedOptions,RestrictedShares,RestrictedShareUnits,ShareAppreciationRights,DividendEquivalentsorPerformanceAwardsheldbysuchParticipant,asthecasemaybe,shallbecancelledwithoutconsideration and, in the eventany Shares have previously been issued by the Participant pursuant to the Award, such Shares shall be surrendered to theCompany(andcancelled)ortransferredtoanemployeebenefittrustestablishedinconnectionwiththePlan,asapplicable,or,ifappropriateunderthetermsoftheAward,shallcontinuetobesubjecttotherestrictions,termsandconditionssetbytheCommitteewithrespecttosuchAward.


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10.7 Conditions to Issuance of Shares(a) SecuritiesRequirements.Notwithstandinganythinghereintothecontrary,theCompanyshallnotberequiredtoissueortransferanySharesortomake

anybookentriesevidencingShareswithrespecttoanyAwardunlessanduntilallthen-applicablerequirementsimposedbyapplicablesecuritiesandotherlaws,rulesandregulationsandbyanyregulatoryagencieshavingjurisdictionandbyanysecuritiesmarketorexchangeuponwhichtheSharesmaybelisted,havebeenfullymet.AsaconditionprecedenttotheissuanceofSharespursuanttothegrantorexerciseofanAward,theCompanymayrequirethegranteetotakeanyreasonableactiontomeetsuchrequirementsand/ormakesuchreasonablecovenants,agreementsandrepresentationsastheCommittee,initssolediscretion,deemsadvisableinordertocomplywithapplicablelaw.TheCompanyshallnotbeobligatedtotakeanyaffirmativeactionin order to cause the issuance or transfer of Shares pursuant to an Award to comply with any law or regulation described in the second precedingsentence.

(b) Restrictions.AllSharesdeliveredpursuanttothePlanandallSharesissuedpursuanttobookentryproceduresaresubjecttoanystop-transferordersand

otherrestrictionsastheCommitteedeemsnecessaryoradvisabletocomplywithapplicablelaw.TheCommitteemayplacelegendsorotherindicatorsofapplicablerestrictionsonanySharesorbookentriesevidencingtheSharesissuedunderthePlanorsubjecttoanyAward.Inaddition,theCommitteeshallhavetherighttorequireanyParticipanttocomplywithanytimingorotherrestrictionswithrespecttothesettlement,distributionorexerciseofanyAward,includingawindow-periodlimitation,asmaybeimposedinthesolediscretionoftheCommittee.

(c) NoFractionalShares.NofractionalSharesshallbeissuedandanysuchfractionalSharesshallbeeliminatedbyroundingdown.

10.8 Transferability(a) TransferofAwards.NoAwardandnorightunderthePlan,contingentorotherwise,otherthanBonusSharesorRestrictedSharesastowhichrestrictions

havelapsed,willbe(i)assignable,saleableorotherwisetransferablebyaParticipantexceptbywillorbythelawsofdescentanddistributionorpursuantto a domestic relations order or (ii) subject to any encumbrance, pledge or charge of any nature. No transfer by will or by the laws of descent anddistributionshallbeeffectivetobindtheCompanyunlesstheCommitteeshallhavebeenfurnishedwithacopyofthedeceasedParticipant’swillorsuchotherevidenceastheCommitteemaydeemnecessarytoestablishthevalidityofthetransfer.AnyattemptedtransferinviolationofthisSection10.8(a)shallbevoidandineffectiveforallpurposes.

(b) Ability to Exercise Rights.Except as otherwise specifically provided under the Plan, only the Participant or his guardian (if the Participant becomes

disabled),or in theevent of his death, his legal representativeor beneficiary, mayexerciseOptions, receivedeliveriesof SharesorotherwiseexerciserightsunderthePlan.ThelegalrepresentativeoftheParticipant’sestate,orthepersonorpersonstowhomtheParticipant’srightsunderanyAwardwillpass by will or the laws of descent and distribution, shall be deemed to be the Participant’s beneficiary or beneficiaries of the rights of the Participanthereunderandshallbeentitledtoexercisesuchrightsasareprovidedhereunder.

10.9 Rights as a ShareholderExcept as otherwise provided herein, a Participant who has receiveda grant of an Award shall have no rights as a shareholder with respect to any Shares(including,withoutlimitation,votingrightsandtherighttoreceivealldividendsandotherdistributionspaidormadetherespecttotheShares)untilsuchpersonbecomesthe holder of record. Except as otherwise provided herein, no adjustment shall be made for dividends (ordinary or extraordinary,whether in cash,securitiesorotherproperty)ordistributionsorotherrightsforwhichtherecorddateispriortothedatesuchSharesareissued.

10.10 Change in Control(a) ChangeinControl.UnlessotherwiseprovidedintheAwardagreement,notwithstandinganyotherprovisionofthePlan,intheeventofaChangeinControl

oftheCompany: (i) theCommitteemayacceleratevestingandthetimeatwhichall OptionsandShareAppreciationRightsthenoutstandingmaybeexercisedsothat

thosetypesofAwardsmaybeexercisedinfullforalimitedperiodoftimeonorbeforeaspecifieddatefixedbytheCommittee,afterwhichspecifieddateallunexercisedOptionsandShareAppreciationRightsandallrightsofParticipantsthereundershallterminate,ortheCommitteemayacceleratevestingandthetimeatwhichOptionsandShareAppreciationRightsmaybeexercisedsothatthosetypesofAwardsmaybeexercisedinfullfortheirthenremainingterm;

(ii) theCommitteemaywaiveallrestrictionsandconditionsofallRestrictedShares,RestrictedShareUnitsandDividendEquivalentsthenoutstanding

withtheresultthatthosetypesofAwardsshallbedeemedsatisfied,andtheRestrictionPeriodorotherlimitationsonpaymentinfullwithrespecttheretoshallbedeemedtohaveexpired,asofthedateoftheChangeinControl;and


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(iii) theCommitteemaydeterminetoamendPerformanceAwards,orsubstitutenewPerformanceAwardsinconsiderationofcancellationofoutstanding

Performance Awards, in order to ensure that such Awards shall become fully vested, deemed earned in full (at target or maximum levels, asapplicable)andpromptlypaidtotheParticipantsasofthedateoftheChangeinControl,withoutregardtopaymentschedulesandnotwithstandingthattheapplicableperformancecycle,retentioncycleorotherrestrictionsandconditionsshallnothavebeencompletedorsatisfied.

Notwithstanding the above provisions of this Section 10.10(a) , the Committee shall not be required to take any action described in the preceding

provisionsofthisSection10.10(a),andanydecisionmadebytheCommittee,initssolediscretion,nottotakesomeoralloftheactionsdescribedintheprecedingprovisionsofthisSection10.10(a)shall befinal,bindingandconclusivewithrespecttotheCompany,allParticipantsandallotherinterestedpersons.

(b) RightofCash-Out.IfapprovedbytheBoardpriortoorwithinthirty(30)daysaftersuchtimeasaChangeinControlshallbedeemedtohaveoccurred,the

Boardshallhavetherightforaforty-five(45)-dayperiodimmediatelyfollowingthedatethattheChangeinControlisdeemedtohaveoccurredtorequireall,butnotlessthanall,ParticipantstotransferanddelivertotheCompanyallAwardspreviouslygrantedtotheParticipantsinexchangeforanamountequal tothe“cashvalue” (definedbelow)of theAwards.Suchright shall beexercisedbywrittennoticetoall Participants. Forpurposesof thisSection10.10(b), the“cashvalue”ofanAwardshall equalthesumof(i) all cashtowhichtheParticipantwouldbeentitleduponsettlementorexerciseofanyAwardwhichisnotanOptionand(ii)inthecaseofanyAwardthatisanOption,theexcessoftheFMVPerShareovertheOptionprice,ifany,multipliedby the number of Shares subject to such Award, as if such settlement or exercise occurred immediately prior to the Change in Control. The amountpayabletoeachParticipantbytheCompanypursuanttothisSection10.10(b)shallbepaidincashorbycertifiedcheckandshallbereducedbyanytaxesrequiredtobewithheld.NoaccelerationofpaymentunderthisSection10.10(b)shallbemadeintheeventitwouldresultinadversetaxconsequencestotheParticipantunderCodeSection409A.

10.11 Equity RestructuringInconnectionwiththeoccurrenceofanyEquityRestructuring,andnotwithstandinganythingtothecontraryinSections1.3and10.10:(a) ThenumberandtypeofSharessubjecttoeachoutstandingAwardandtheexercisepriceorgrantpricethereof,ifapplicable,shallbeequitablyadjusted;

and/or(b) The Committee shall make such equitable adjustments, if any, as the Committee, in its sole discretion, may deem appropriate to reflect such Equity

RestructuringwithrespecttotheaggregatenumberandkindofSharesthatmaybeissuedunderthePlan(including,butnotlimitedto,adjustmentsofthelimitationsinSection1.3onthemaximumnumberandkindofShareswhichmaybeissuedunderthePlanandadjustmentsofthemannerinwhichSharessubjecttoFullValueAwardswillbecounted).TheadjustmentsprovidedunderthisSection10.11shallbenondiscretionaryandshallbefinalandbindingontheaffectedParticipantandtheCompany.

10.12 Prohibition on RepricingSubjecttoSection10.10,theCommitteeshallnot,withouttheapprovaloftheshareholdersoftheCompany,(i)authorizetheamendmentofanyoutstandingOptionorShareAppreciationRighttoreduceitspriceperShare,or(ii)cancelanyOptionorShareAppreciationRightinexchangeforcashoranotherAwardwhentheOptionorShareAppreciationRightpriceperShareexceedstheFairMarketValueoftheunderlyingShares.SubjecttoSection10.10,theCommitteeshallhavetheauthority,withouttheapprovaloftheshareholdersoftheCompany,toamendanyoutstandingAwardtoincreasethepriceperShareortocancelandreplaceanAwardwiththegrantofanAwardhavingapriceperSharethatisgreaterthanorequaltothepriceperShareoftheoriginalAward.Furthermore,forpurposesofthisSection10.12,exceptinconnectionwithacorporatetransactioninvolvingtheCompany(including,withoutlimitation,anysharedividend,sharesplit,extraordinarycashdividend,recapitalization,reorganization,merger,consolidation,split-up,spin-off,combinationorexchangeofshares),thetermsofoutstandingAwardsmaynotbeamendedtoreducetheexercisepriceperShareofoutstandingOptionsorShareAppreciationRightsinexchangeforcash,otherAwardsofOptionsorShareAppreciationRightswithanexercisepriceperSharethatislessthantheexercisepriceperShareoftheoriginalOptionsorShareAppreciationRightswithouttheapprovaloftheshareholdersoftheCompany.


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Article XI Withholding for TaxesAnyissuanceofSharespursuanttotheexerciseofanOptionorinpaymentofanyotherAwardunderthePlanshallnotbemadeuntilappropriatearrangements,satisfactorytotheCompany,havebeenmadeforthepaymentofanytaxamounts(includinganyUnitedKingdomand/orUnitedStatesfederal,state,localandothertax,foreigntax,aswellasanysocialinsurancecontributions,nationalinsurancecontributions,paymentonaccount,fringebenefittaxandanyothertax-related items related to participation in the Plan and legally applicable to Participant, including any amount deemed by the Company or the Participant’semployer, in its discretion, to be an appropriate charge to Participant even if legally applicable to the Company or the Participant’s employer) that may berequiredtobewithheldorpaidbytheCompanyoranAffiliatewithrespectthereto.Sucharrangementsmay,atthediscretionoftheCommittee,includeallowingthepersontorequesttheCompanytowithholdSharesbeingacquiredpursuanttotheAward,whetherthroughtheexerciseofanOptionorasadistributionpursuanttotheAward,whichhaveanaggregateFMVPerShareasofthedateofsuchwithholdingthatisnotgreaterthanthesumofalltaxamountstobewithheldwithrespecttheretoattheminimumstatutoryrateorotherapplicablewithholdingrate, togetherwithpaymentof anyremainingportionofsuchtaxamountsincashorbycheckpayableandacceptabletotheCompany.TheCommitteemaydesignatealternativemethodsforwithholdingoftaxamountswithrespecttotheAwardinthenoticeoragreementevidencingtheAward.Notwithstandingtheforegoing,if onthedateofaneventgivingrisetoataxwithholdingobligationonthepartoftheCompanyoranAffiliatethepersonisanofficerorindividualsubjecttoRule16b-3,suchpersonmaydirectthatsuchtaxwithholdingbeeffectuatedbytheCompanywithholdingthenecessarynumberofShares(attheminimumstatutoryrateorotherapplicablewithholdingrate)fromsuchAwardpaymentorexercise.

Article XII Miscellaneous12.1 No Rights to Awards or Uniformity Among AwardsNoParticipant or other person shall haveany claimto be granted any Award; there is no obligation for uniformity of treatment of Participants, or holders orbeneficiariesofAwards;andthetermsandconditionsofAwardsneednotbethesamewithrespecttoeachrecipient.

12.2 Conflicts with PlanIntheeventofanyinconsistencyorconflictbetweenthetermsofthePlanandanAward,thetermsofthePlanshallgovern.

12.3 No Right to Continued ServiceThegrantofanAwardshallnotbeconstruedasgivingaParticipanttherighttoberetainedintheemployof,ortocontinueprovidingservicesto,theCompanyoranyAffiliate.Further,theCompanyoranyAffiliatemayatanytimedismissaParticipantfromService,freefromanyliabilityoranyclaimunderthePlan,unlessotherwiseexpresslyprovidedinthePlanorinanyAward.

12.4 Governing LawThevalidity,constructionandeffectofthePlanandanyrulesandregulationsrelatingtothePlanshallbedeterminedinaccordancewithapplicableUnitedStatesfederallawandthelawsoftheStateofTexas,withoutregardtoanyconflictoflawsprinciples,excepttotheextentthattheActorthelawsofEnglandandWalesmandatorilyapply.

12.5 Gender, Tense and HeadingsWhenever the context requires such, wordsof the masculine gender usedherein shall includethe feminine andneuter, andwords usedin the singular shallincludetheplural.SectionheadingsasusedhereinareinsertedsolelyforconvenienceandreferenceandconstitutenopartofthePlan.

12.6 SeverabilityIfanyprovisionofthePlanoranyAwardisorbecomesorisdeemedtobeinvalid,illegalorunenforceableinanyjurisdictionorastoanyParticipantorAward,orwould disqualify the Plan or any Award under any law deemed applicable by the Committee, such provision shall be construed or deemed amended asnecessarytoconformtotheapplicablelaws,orifitcannotbeconstruedordeemedamendedwithout,inthedeterminationoftheCommittee,materiallyalteringtheintentofthePlanortheAward,suchprovisionshall bestrickenastosuchjurisdiction,ParticipantorAward,andtheremainderofthePlanandanysuchAwardshallremaininfullforceandeffect.


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12.7 Other LawsTheCommitteemayrefusetoissueortransferanySharesorotherconsiderationunderanAwardif,actinginitssolediscretion,itdeterminesthattheissuanceortransferofsuchSharesorsuchotherconsiderationmightviolateanyapplicablelaw.

12.8 Shareholder AgreementsTheCommitteemayconditionthegrant,exerciseorpaymentofanyAwarduponsuchpersonenteringintoashareholders’agreementinsuchformasapprovedfromtimetotimebytheBoardorCommittee.

12.9 FundingExceptasprovidedunderArticleVIofthePlan,noprovisionofthePlanshallrequiretheCompany,forthepurposeofsatisfyinganyobligationsunderthePlan,topurchaseassetsorplaceanyassetsinatrustorotherentitytowhichcontributionsaremadeorotherwisetosegregateanyassets,norshalltheCompanyberequiredtomaintainseparatebankaccounts,books,recordsorotherevidenceoftheexistenceofasegregatedorseparatelymaintainedoradministeredfundforsuchpurposes.ParticipantsshallhavenorightsunderthePlanotherthanasunsecuredgeneralcreditorsoftheCompany,exceptthatinsofarastheymayhavebecomeentitledtopaymentofadditionalcompensationbyperformanceofservices,theyshallhavethesamerightsasotherEmployeesundergenerallaw.

12.10 No Guarantee of Tax ConsequencesNoneoftheBoard,theCompanyortheCommitteemakesanycommitmentorguaranteethatanyparticulartaxtreatmentwillapplyorbeavailabletoanypersonparticipatingoreligibletoparticipatehereunder.

12.11 Code Section 409ATotheextentapplicable,thisPlanandallAwardagreementsshallbeinterpretedinaccordancewithCodeSection409AandDepartmentofTreasuryregulationsandother interpretive guidanceissuedthereunder, including, without limitation, anysuchregulationsor other guidancethat maybeissuedafter theEffectiveDate.NotwithstandinganyotherprovisionofthePlantothecontrary,intheeventthatfollowingtheEffectiveDate,theCommitteedeterminesthatanyAwardmay be subject to Code Section 409A and Department of Treasury guidance (including such Department of Treasury guidance as may be issued after theEffectiveDate),theCommitteemayadoptsuchamendmentstothePlanandtheapplicableAwardagreementoradoptotherpoliciesandprocedures(includingamendments, policies and procedures with retroactive effect), or take any other actions, that the Committee determines are necessary or appropriate to (a)exempttheAwardfromCodeSection409Aand/orpreservetheintendedtaxtreatmentofthebenefitsprovidedwithrespecttotheAward,or(b)complywiththerequirementsofCodeSection409AandrelatedDepartmentof Treasuryguidance, therebyavoidingtheapplicationof anypenalty taxesunder CodeSection409A;provided,however,thatnothinginthisSection12.11doesnot,andshallnotbeconstruedsoasto,createanyobligationonthepartoftheCommitteetoadoptanysuchamendmentsortotakeanyothersuchactionsorcreateanyliabilityonthepart oftheCompany,theCommitteeoranyotherPersonforanyfailuretodoso.TotheextentthattheCommitteedeterminesthatanyAwardgrantedunderthePlanissubjecttoCodeSection409A,thePlanandtheAwardagreementevidencingsuchAwardshallincorporatethetermsandconditionsrequiredbyCodeSection409A.

12.12 Shareholder ApprovalThe Plan shall be submitted forapproval of the Company’s shareholders within twelve (12) months after the date of the Board’s initial adoptionof the Plan.Awardsmaybegrantedorawardedpriortosuchshareholderapproval;providedthatsuchAwardsshallnotbeexercisable,shallnotvestandtherestrictionsthereonshallnotlapse,andnoSharesshallbeissuedpursuanttheretopriortothetimewhenthePlanisapprovedbytheshareholders;andprovidedfurther,that if such approval has notbeen obtained at the end of such twelve (12)-month period, (i) all Awards previously granted or awarded under the Plan shallthereuponbecanceledandbecomenullandvoid,and(ii)theOriginalPlanwillcontinueinfullforceandeffectinaccordancewithitsterms.UponapprovalofthePlanbytheCompany’sshareholders,anyawardsoutstandingundertheOriginalPlanasofthedateofsuchapprovalshallremainoutstandingand,ifapplicable,exercisablepursuanttothetermsofsuchindividualgrants.


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Annex 1 (To the Amended and Restated 2013 Rowan Companies plc Incentive Plan)ThisAnnex1totheAmendedandRestated2013RowanCompaniesplcIncentivePlan(the“Plan”)governsAwardsgrantedtoNon-EmployeeDirectorsand/orConsultantsoftheCompanyunderthePlan.AwardsgrantedpursuanttothisAnnex1aresubjecttoallofthetermsandconditionssetforthinthePlan,exceptasmodifiedbythefollowingprovisions,whichshallreplaceand/orsupplementcertainprovisionsofthePlanasindicatedwithrespecttoAwardsgrantedtoNon-EmployeeDirectorsand/orConsultants.

Article I Introduction1. ThefollowingparagraphshallreplaceSection1.1ofthePlan:

1.1 Purpose

ThisAnnex1tothePlanisintendedtopromotetheinterestsoftheCompanyanditsshareholdersbypromotingperformanceandencouragingNon-EmployeeDirectorsand/orConsultantstoacquireorincreasetheirequityinterestsintheCompany,therebygivingthemanaddedincentivetoworktowardthecontinuedgrowthandsuccessoftheCompany.TheBoardalsocontemplatesthat,throughthePlan,theCompanywillbebetterabletocompetefortheservicesoftheindividualsneededforthecontinuedgrowthandsuccessoftheCompany.ThePlanprovidesforpaymentofvariousformsof incentive compensation, andaccordingly, is not intendedto be a plan that is subject to the UnitedStates EmployeeRetirement IncomeSecurityActof1974,asamended,andshallbeadministeredaccordingly.SubjecttoapprovalofthePlanbytheCompany’sshareholders,thePlanconstitutes an amendment andrestatement of the 2013RowanCompaniesplc Incentive Plan, as amended(the “OriginalPlan”),whichinitiallybecameeffectiveonApril26,2013.Notwithstandingtheforegoing,theOriginalPlanshallremainineffectunlessanduntilthePlanisapprovedbytheCompany’sshareholders.

2. Thefollowingdefinitionsshallsupplementand/orreplace,asapplicable,theapplicabledefinitionssetforthinSection1.2ofthePlan:

“ Awards ”means, collectively, Options, Bonus Shares, Share Appreciation Rights, Restricted Share Units, Restricted Shares, Performance Awards,DividendEquivalentsorCashAwards,ineachcase,thatmaybeawardedorgrantedunderthePlanpursuanttothisAnnex1.

“Consultant”meansanyperson,includinganyadvisor,engagedbytheCompanyoranAffiliatetorenderservicestosuchentityif:(i)theconsultantoradvisorrendersbonafideservicestotheCompany;(ii)theservicesrenderedbytheconsultantoradvisorarenotinconnectionwiththeofferorsaleofsecuritiesinacapital-raisingtransactionanddonotdirectlyorindirectlypromoteormaintainamarketfortheCompany’ssecurities;and(iii)theconsultantoradvisorisanaturalperson,orsuchotheradvisororconsultantasisapprovedbytheCommittee.“CashAward”meansanAwardgrantedpursuanttoSection9.2ofthePlanthatisdenominatedorpayablein,valuedinwholeorinpartbyreferenceto,orotherwisebasedonorrelatedto,cash.“EligibleIndividual”meansanypersonwhoisaConsultantorNon-EmployeeDirector,asdeterminedbytheCommittee.“FullValueAward”meansanyAwarddenominatedinordeterminedbyreferencetoShares,otherthananOptionoraShareAppreciationRight.Fortheavoidanceofdoubt,anyCashAwardorotherAwardssettledorpayableincashshallnotconstitutea“FullValueAward.”“Non-EmployeeDirector”meansaDirectorwhoisnotanEmployee.“Participant”meansanyEligibleIndividualgrantedanAwardunderthePlanpursuanttothisAnnex1.“PerformanceAward”meansanAwardgrantedpursuanttoArticleVIIIofthePlan,that,ifearned,shallbepayableinShares,cashoranycombinationthereofasdeterminedbytheCommittee.“RestrictedShareUnit”meansanAward,grantedpursuanttoArticleVIIofthePlan,oftherighttoreceive(a)Shares,(b)theFairMarketValueofSharespaidincashor(c)acombinationofSharesandcash,asdeterminedbytheCommittee.“Service”meansaParticipant’sserviceasaConsultantand/orNon-EmployeeDirector,asapplicable.


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3. ThefollowingparagraphshallsupplementSection1.3(a)ofthePlan:

“Notwithstandinganythingto the contrary contained in the Plan, the followinglimitations shall apply to Awardsgranted to Non-EmployeeDirectors andConsultants:(i) noParticipant maybegrantedCashAwardsinrespect of anyone(1)-year periodhavingavaluedeterminedonthedateof grant in excessof

$15,000,000;and

(ii) noNon-EmployeeDirectormaybegrantedAwardsinrespectofanyone(1)-yearperiodhavingavaluedeterminedonthedateofgrantinexcessof$600,000.”

Article II Non-Qualified Options1. ThefollowingparagraphshallreplaceSection2.1ofthePlan:

2.1 Eligibility

TheCommitteemaygrantNon-QualifiedOptionstopurchaseSharestoanyNon-EmployeeDirectorand/orConsultant.EachNon-QualifiedOptiongranted hereunder shall be evidenced by a written agreement between the Company and the individual to whom such Non-Qualified Option isgrantedinsuchformastheCommitteeshallprovide.

Article IV Bonus Shares1. ThefollowingparagraphshallreplaceArticleIVofthePlan:

“The Committee may, from time to time and subject to the provisions of the Plan, grant shares of Bonus Shares to Non-Employee Directors and/orConsultants.SuchgrantsofBonusSharesshallbeinconsiderationofperformanceofservicesbytheParticipantwithoutadditionalconsideration,exceptasmayberequiredbytheCommitteeorpursuanttoSection10.1.BonusSharesshallbeSharesthatarenotsubjecttoaRestrictedPeriodunderArticleVI.”

Article V Share Appreciation Rights1. ThefollowingparagraphshallreplacethefirstsentenceofArticleVofthePlan: “TheCommitteeisauthorizedtograntShareAppreciationRightstoNon-EmployeeDirectorsand/orConsultantsonthefollowingtermsandconditions:”2. ThefollowingsentenceshallsupplementSection5.1ofthePlan: “Notwithstandingtheforegoing,theCommitteemayprovide,initssolediscretion,thattheSpreadcoveredbyaShareAppreciationRightmaybepaidin

cashinsteadofinShares.”

Article VI Restricted Shares1. ThefollowingparagraphshallreplaceSection6.1ofthePlan:

6.1 Eligibility

AllNon-EmployeeDirectorsandConsultantsshallbeeligibleforgrantsofRestrictedShares.


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Article VII Restricted Share Units1. ThefollowingparagraphshallreplacethefirstparagraphofArticleVIIofthePlan: “The Committee is authorized to grant Restricted Share Units to Non-Employee Directors and/or Consultants, which are rights to receive a specified

numberofSharesortheFairMarketValueofsuchSharesincashattheendofaspecifiedRestrictedPeriod,subjecttosuchtermsandconditionsastheCommitteeshalldetermine.”

2. ThefollowingparagraphshallreplaceSection7.3ofthePlan:

7.3 Settlement

Atthetimeofgrant,theCommitteeshallspecifythesettlementdateapplicabletoeachgrantofRestrictedShareUnits,whichshallbenoearlierthanthevestingdateordatesoftheAwardandmaybedeterminedattheelectionoftheParticipantholdingsuchAward(ifpermittedbytheapplicableAwardagreement);provided,however,that,exceptasotherwisedeterminedbytheCommitteeandsetforthinanyapplicableAwardagreement,andsubjecttocompliancewithCodeSection409A,innoeventshallthesettlementdaterelatingtoeachRestrictedShareUnitoccurfollowingthelaterof(a)thefifteenth(15th)dayofthethird(3rd)monthfollowingtheendofthecalendaryearinwhichtheapplicableportionoftheRestrictedShareUnit vests; or (b) thefifteenth(15 th)dayof thethird (3 rd) month following theendof the Company’s fiscal year in whichthe applicableportion of the Restricted Share Unit vests. On the settlement date, the Company shall transfer to the Participant one (1) unrestricted, fullytransferableShareortheFairMarketValueofoneShareincash,asapplicable,foreachRestrictedShareUnitscheduledtobepaidoutonsuchdateandnotpreviouslyforfeited.

Article VIIIPerformance Awards1. ThefollowingparagraphshallreplacethefirstsentenceofSection8.1ofthePlan:

“TheCommitteeisauthorizedtograntPerformanceAwardstoNon-EmployeeDirectorsand/orConsultantsbasedonperformancecriteriameasuredoveraperiodspecifiedbytheCommittee.”

Article IX Other Awards1. ThefollowingparagraphshallreplaceSection9.1ofthePlan:

9.1 Dividend Equivalents

DividendEquivalentsmaybegrantedbytheCommitteebasedondividendsdeclaredontheShares,tobecreditedasofdividendpaymentdatesduringtheperiodbetweenthedateanAwardisgrantedtoaParticipantandthedatesuchAwardsvests,isexercised,isdistributedorexpires,asdeterminedbytheCommittee. SuchDividendEquivalents shall beconvertedtocashor Sharesbysuchformulaandat suchtimeandsubject tosuchrestrictionsandlimitationsasmaybedeterminedbytheCommittee. Inaddition, DividendEquivalentsthat arebasedondividendsdeclaredpriortothevestingofsuchAwardshall onlybepaidtotheParticipanttotheextentthatthevestingconditionsaresubsequentlysatisfiedandtheAwardvests.Notwithstandingtheforegoing,noDividendEquivalentsshallbepayablewithrespecttoOptionsorShareAppreciationRights.

2. ThefollowingparagraphbeaddedtothePlanasSection9.2ofthePlan:

9.2 Cash Awards

TheCommitteeisherebyauthorizedtogranttoNon-EmployeeDirectorsand/orConsultants,CashAwards,whichshallconsistofarightwhich(a)isnotanAwarddescribedinanyotherArticleofthePlanand(b)isdenominatedorpayablein,valuedinwholeorinpartbyreferenceto,orotherwisebased on or related to, cash as deemedby the Committee to be consistent with the purposes of the Plan. Subject to the termsof thePlan,theCommitteeshalldeterminethetermsandconditionsofanysuchCashAwards,whichshallbecontainedinawrittenagreementorotherdocumentcoveringsuchAwards.


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Annex 2

(To the Amended and Restated 2013 Rowan Companies plc Incentive Plan)This Annex 2 to the Amended and Restated 2013 Rowan Companies plc Incentive Plan (the “Plan ”) governs Cash Awards (as defined below) grantedhereunder and Awards granted under the Plan that are payable in cash, Shares or any combination thereof, as determined by theCommittee. Any AwardsgrantedpursuanttothisAnnex2aresubjecttoallofthetermsandconditionssetforthinthePlan(and,withrespecttoAwardsgrantedtoConsultantsand/orNon-EmployeeDirectors, in Annex1) except asmodifiedbythefollowingprovisions,whichshall replaceand/or supplementcertainprovisionsof thePlanasindicated.

Article I Introduction1. Thefollowingdefinitionsshallsupplementand/orreplace,asapplicable,theapplicabledefinitionssetforthinSection1.2ofthePlan:

“ Awards ”means, collectively, Options, Bonus Shares, Share Appreciation Rights, Restricted Share Units, Restricted Shares, Performance Awards,DividendEquivalentsorCashAwards,ineachcase,thatmaybeawardedorgrantedunderthePlan.“CashAward”meansanAwardgrantedpursuanttoSection9.2ofthePlanthatisdenominatedorpayablein,valuedinwholeorinpartbyreferenceto,orotherwisebasedonorrelatedto,cash.“PerformanceAward”meansanAwardgrantedpursuanttoArticleVIIIofthePlan,that,ifearned,shallbepayableinShares,cashoranycombinationthereofasdeterminedbytheCommittee.“RestrictedShareUnit”meansanAward,grantedpursuanttoArticleVIIofthePlan,oftherighttoreceive(a)Shares,(b)theFairMarketValueofSharespaidincashor(c)acombinationofSharesandcash,asdeterminedbytheCommittee.

2. ThefollowingparagraphshallsupplementSection1.3ofthePlan:

“No Participant may be granted Cash Awards in respect of any one (1)-year period having a value determined on the date of grant in excess of$15,000,000.”

Article V Share Appreciation Rights1. ThefollowingsentenceshallsupplementSection5.1ofthePlan:

“Notwithstandingtheforegoing,theCommitteemayprovide,initssolediscretion,thattheSpreadcoveredbyaShareAppreciationRightmaybepaidincashinsteadofinShares.”

Article VII Restricted Share Units1. ThefollowingparagraphshallreplacethefirstparagraphofArticleVIIofthePlan:

“TheCommitteeisauthorizedtograntRestrictedShareUnitstoEmployees,whicharerightstoreceiveaspecifiednumberofSharesortheFairMarketValueofsuchSharesincashattheendofaspecifiedRestrictedPeriod,subjecttosuchtermsandconditionsastheCommitteeshalldetermine.”

Article VIIIPerformance Awards1. ThefollowingsentenceshallsupplementSection8.2(d)ofthePlan:

“SettlementofPerformanceAwardsmaybeincashorSharesastheCommitteeshalldetermine.”


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Article IX Other Awards1. ThefollowingparagraphshallreplaceSection9.1ofthePlan:

9.1 Dividend Equivalents

DividendEquivalentsmaybegrantedbytheCommitteebasedondividendsdeclaredontheShares,tobecreditedasofdividendpaymentdatesduringtheperiodbetweenthedateanAwardisgrantedtoaParticipantandthedatesuchAwardsvests,isexercised,isdistributedorexpires,asdeterminedbytheCommittee. SuchDividendEquivalents shall beconvertedtocashor Sharesbysuchformulaandat suchtimeandsubject tosuch restrictions and limitations as may be determined by the Committee. In addition, Dividend Equivalents with respect to an Award withperformance-basedvestingthatarebasedondividendsdeclaredpriortothevestingofsuchAwardshallonlybepaidtotheParticipanttotheextentthat the performance-based vesting conditions are subsequently satisfied and the Award vests. Notwithstanding the foregoing, no DividendEquivalentsshallbepayablewithrespecttoOptionsorShareAppreciationRights.”

2. ThefollowingparagraphshallbeaddedtothePlanasSection9.2ofthePlan:

9.2 Cash Awards

TheCommitteeisherebyauthorizedtogranttoEmployeesCashAwards,whichshallconsistofarightwhich(a)isnotanAwarddescribedinanyotherArticleofthePlanand(b)isdenominatedorpayablein,valuedinwholeorinpartbyreferenceto,orotherwisebasedonorrelatedto,cashasdeemedbytheCommitteetobeconsistentwiththepurposesofthePlan.SubjecttothetermsofthePlan,theCommitteeshalldeterminethetermsandconditionsofanysuchCashAwards,whichshallbecontainedinawrittenagreementorotherdocumentcoveringsuchAwards.

Article X Certain Provisions Applicable to All Awards1. ThefollowingprovisionshallsupplementSection10.5ofthePlanand,totheextentinconsistentwithSection10.5ofthePlan,supersedeSection10.5of

thePlan:

“The settlement of any Award may, subject to any limitations set forth in the Award agreement, be accelerated and cash paid in lieu of Shares inconnectionwith suchsettlement, in thediscretion of theCommitteeor uponoccurrenceof oneor morespecifiedevents;provided,however ,thattheCommitteeshallnotacceleratesettlementifsuchdiscretionwouldresultinadversetaxconsequencestotheParticipantunderCodeSection409A.InthediscretionoftheCommittee,AwardsgrantedpursuanttoArticleVIIIofthePlanmaybepayableincashorSharestotheextentpermittedbythetermsoftheapplicableAwardagreementandthePlan.”

2. ThefollowingprovisionshallsupplementSection10.6ofthePlan:

“AfterthesatisfactionofallofthetermsandconditionssetbytheCommitteewithrespecttoanAwardgrantedtoaParticipantpursuanttoAnnex2ofthePlan,thefollowingshallbedeliveredtosuchParticipant:cashand/orthenumberofSharesequalinvaluetothenumberofRestrictedShareUnits,ShareAppreciationRightsorPerformanceAwards,asapplicable.”

3. ThefollowingsentenceshallsupplementSection10.8(b)ofthePlan:

“ExceptasotherwisespecificallyprovidedunderthePlan,onlytheParticipantorhisguardian(iftheParticipantbecomesdisabled),orintheeventofhisdeath,hislegalrepresentativeorbeneficiary,mayreceivecashpaymentsunderthePlan.”

4. ThefollowingprovisionshallbeaddedasSection10.10(a)(iv)ofthePlan:

“(iv) The Committee may determine to amend Cash Awards, or substitute new Cash Awards in consideration of cancellation of outstanding CashAwards,inordertoensurethatsuchAwardsshallbecomefullyvested,deemedearnedinfullandpromptlypaidtotheParticipantsasofthedateoftheChangeinControl,withoutregardtopaymentschedulesandnotwithstandingthattheapplicableperformancecycle,retentioncycleorotherrestrictionsandconditionsshallnothavebeencompletedorsatisfied.”


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Exhibit II Form of Share Repurchase ContractThisagreement(this“Agreement”)ismadeonbetween:RowanCompaniesplc(the“Company”)CannonPlace78CannonStreetLondonEC4N6AFUnitedKingdomRegisterednumber:07805263_________________(the“Counterparty”)_________________[Address]ItisagreedthattheCounterpartywillpurchaseonaprincipalbasisinterestsinClassAOrdinarySharesoftheCompany,nominal(i.e.,par)value$0.125pershare(the“OrdinaryShares”),forsubsequentsaleanddeliverytotheCompanyunderthetermsofthisAgreementasfollows:1. OrdinaryShareswillbepurchaseduptothequantityandpurchasepriceleveladvisedbytelephonefromanauthorisedpersonattheCompany(the“

PurchasePrice”),suchauthorisedperson(s)tobenotifiedinwritingtotheCounterpartybytheCompanyfromtimetotime(eachan“AuthorisedPerson”).

2. Unlessotherwiseinstructed, OrdinaryShareswill bepurchasedinaccordancewithall applicable lawsandregulations, including(without limitation)in

accordancewith:

(a) Thevolumelimitationsof Rule10b-18(b)(4) and10b-18(c)(2) of theSecuritiesExchangeActof1934,asmaybeamendedorsupersededfromtimetotime(the“ExchangeAct”). Themaximumvalueof OrdinaryShares, at acquisitioncost, tobepurchasedunderthisprogrammewill beadvisedtotheCounterpartybyanAuthorisedPersonfromtimetotimefollowingtheexecutionofthisAgreement;

(b) ThetimingconditionsofRules10b-18(b)(2)and10b-18(c)(1)oftheExchangeAct,asmaybeamendedorsupersededfromtimetotime;and

(c) ThepriceconditionsofRule10b-18(b)(3)oftheExchangeAct,asmaybeamendedorsupersededfromtimetotime.

3. AllpurchaseswillbeeffectedpursuanttoRule10b-18oftheExchangeAct,asmaybeamendedorsupersededfromtimetotime,fromorthroughonly

onebrokerordealeronanysingledayorasotherwiseallowedbyRule10b-18(b)(1)oftheExchangeAct,asmaybeamendedorsupersededfromtimetotime.

4. Purchasesmaybemadeonanynationalsecuritiesexchange,electroniccommunicationnetwork(ECN),alternativetradingsystem(ATS)orinover-the-

counter(OTC)transactions.5. BeforepurchasescommenceunderthisAgreement,theCompanywillhaveofficiallydisclosedtherepurchaseprogrammetothepublic.6. The Company represents that the purchases of Ordinary Shares by the Counterparty pursuant to the terms of this Agreement will not violate or

contraveneanylegal,regulatoryorcontractualrestrictionapplicabletotheCompanyortheOrdinaryShares,includingSection10(b)andRule10b-5oftheExchangeAct.

7. DailypurchaseinformationwillbeprovidedtotheCompanybyphoneore-mail,andtradeconfirmationswillbesentbye-mailorfaxthefollowingday.8. TheCompany’staxidentificationnumberis___________.9. PurchasesofOrdinarySharesinaccordancewiththeinstructionscontainedherein,willcommenceonthedatetobeagreedbetweentheCompanyand

theCounterparty.

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10. NoticesfortheattentionoftheCompanyshallbesentto:

RowanCompaniesplcAttn:ChiefFinancialOfficer2800PostOakBoulevard,Suite5450Houston,Texas77056Email:[email protected]

NoticesfortheattentionoftheCounterpartyshallbesenttotheaddressnotifiedinwritingtotheCompanybytheCounterparty.11. TheCounterpartyshall(including,withoutlimitation,byliaisingwithComputershareTrustCompany,N.A.(oritssuccessororassign)astransferagent

andregistraroftheCompany(the“TransferAgent”))procurethatanyOrdinarySharetobesoldbytheCounterpartytotheCompanyistransmittedordeliveredbyDWACorsimilarmeansoftransmissionsothatsuchOrdinarySharesiswithdrawnfromthefacilitiesoftheDepositaryTrustCompany(the“DTCSystem”)(inparticularbyremovinganyOrdinarySharedepositedwiththenomineeoftheDTCSystem,Cede&Co.)andtheCompanyreceivestheOrdinaryShareinrecordform(a“RecordShare”).

12. InaccordancewithParagraph11,theCounterpartyshallsell,andtheCompanyshallpurchase,suchRecordShares,andfollowingsuchpurchaseand

delivery, at theelectionof theCompany, theCompanyshall beregisteredasthe record holder of suchRecord Shares, or suchRecordShares shallotherwise be cancelled. The Company shall be responsible for any stamp duty that is due in respect of the purchase of Record Shares from theCounterparty.

13. TheCounterpartyshalldelivertotheTransferAgentanydocumentsasmaybenecessaryorasmaybereasonablyrequestedbytheTransferAgentto

giveeffecttothepurchase,delivery,registrationorcancellationofanyRecordSharestotheCompanyinaccordancewiththetermsofthisletter.14. TheCompanywillpayforanyandallRecordSharespurchasedbyitinaccordancewithParagraph12abovebywiringfundstothebankaccountofthe

Counterparty or other designee by no later than the date of delivery of RecordShares. Any commission payable by the Company in respect of thedeliveryofRecordSharesshallbeagreedinwritingfromtimetotimebetweentheCompanyandtheCounterparty,andshallbepaidtotheCounterpartyby the Company on delivery of Record Shares. The relevant bank account details of the Counterparty shall be notified to the Company by theCounterpartyinwritingfromtimetotime.

15. TheCounterpartyandtheCompanyeachacknowledgeandagreethat:

(a) PriortoanacquisitionbytheCompanyunderParagraph12hereof,theCompanyshallnotacquire,norhaveanylegalorbeneficialinterestin,anyOrdinarySharepurchasedbytheCounterpartypursuanttothisAgreement;

(b) Nothinginthisletterisorshallconstituteapartyactingastheagentoftheotherforanypurpose.Neitherpartyshalldescribeitselfasanagentor

inanywayholditselfoutasbeinganagentoftheother;and

(c) The Counterparty shall act as principal in respect of its acquisition of the Ordinary Shares and shall effect purchases of shares hereunder in“risklessprincipaltransactions”asdefinedinRule10b-18(a)(12)oftheExchangeAct.

16. ThisAgreementwillbegovernedbyandconstruedinaccordancewiththeinternallawsoftheStateofNewYork.Rowan Companies plc [Counterparty]

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Exhibit III Form of Rule 10b5-1 Repurchase PlanRepurchasePlan,dated_______________(the“ RepurchasePlan” ),betweenRowanCompaniesplc(the“ Company” )and____________________(the“Counterparty”).CapitalisedtermsusedandnototherwisedefinedinthebodyofthisRepurchasePlanshallhavethemeaninggiventosuchtermsinExhibitAhereto,whichisincorporatedhereinandmadepartofthisRepurchasePlan.WHEREAS,theCompanydesirestoestablishthisRepurchasePlantopurchaseitsClassAOrdinaryShares,nominalvalue$0.125pershare(the“OrdinaryShares”);andWHEREAS,theCompanydesirestopurchaseOrdinarySharesfromtheCounterpartyinaccordancewiththisRepurchasePlan:NOW,THEREFORE,theCompanyandtheCounterpartyherebyagreeasfollows:

1. PriortothecommencementoftransactionscontemplatedbythisRepurchasePlanthepartiesshallagreeinwritinginaformsubstantiallyassetforthon

ExhibitAheretotocertaintermsinrespectoftheproposedrepurchase.2. DuringtheTradingPeriod(asdefinedinExhibitA),theCounterpartyshallpurchaseasprincipalOrdinaryShareshavingamaximumaggregatevalueof

nomorethantheTotalRepurchaseAmount(asdefinedinExhibitA).Oneachday(each,a“TradingDay”)duringtheTradingPeriodonwhichTheNewYorkStockExchange(the“Exchange”)isopenfortradingtheCounterpartyshallpurchasethatnumberofOrdinaryShareshavinganaggregatevalueofuptotheMaximumAmount(asdefinedinExhibitA),plusorminusupto$1,000,usingitsreasonableeffortstopurchasesuchOrdinarySharesatapriceequaltothevolumeweightedaveragepriceforsuchday’stradingsession,andtradeconfirmationswillbesentbye-mailorfaxthefollowingday.Notwithstandingtheforegoing,theCounterpartyshallnotpurchaseanyOrdinarySharesatapriceexceedingtheLimitPrice(asdefinedinExhibitA).

3. TheCounterpartyshall(includingwithoutlimitation,byliaisingwithComputershareTrustCompany,N.A.(oritssuccessororassign)astransferagent

andregistraroftheCompany(the“TransferAgent”))procurethatanyOrdinarySharetobesoldbytheCounterpartytotheCompanyistransmittedordeliveredbyDWACorsimilarmeansoftransmissionsothatsuchOrdinaryShareiswithdrawnfromthefacilitiesoftheDepositaryTrustCompany(the“DTCSystem”)(inparticularbyremovinganyOrdinarySharedepositedwiththenomineeoftheDTCSystem,Cede&Co.)andtheCompanyreceivestheOrdinaryShareinrecordform(a“RecordShare”).

4. InaccordancewithParagraph3,theCounterpartyshallsell,andtheCompanyshallpurchaseallsuchRecordShares,andfollowingsuchpurchaseand

delivery, at the election of the Company, the Company shall be registered as the record holder of such Record Shares or such Record Shares shallotherwise be cancelled. The Company shall be responsible for any stamp duty that is due in respect of the purchase of Record Shares from theCounterparty. The Counterparty shall deliver to the Transfer Agent any documents as may be necessary or as may be reasonably requested by theTransferAgenttogiveeffecttothepurchase,delivery,registrationorcancellationofanyRecordSharestotheCompanyinaccordancewiththetermsofthisletter.

5. The Company will pay for any Record Shares purchased by it in accordance with Paragraph 4 above by wiring funds to the bank account of the

CounterpartyorotherdesigneebynolaterthanthedateofdeliveryoftheRecordShares.AnycommissionpayablebytheCompanyinrespectofthedeliveryofRecordSharesshallbesetforthonExhibitA,andshallbepaidtotheCounterpartybytheCompanyondeliveryoftheRecordShares.TherelevantbankaccountdetailsoftheCounterpartyoritsdesigneeshallbenotifiedtotheCompanybytheCounterpartyinwritingfromtimetotime.

6. TheRepurchasePlanshallterminateupontheearliestof:

(a) therepurchaseoftheTotalRepurchaseAmountcontemplatedbytheRepurchasePlan,assetforthinParagraph2;

(b) thecloseofbusinessonthelastdayoftheTradingPeriod;

(c) thecloseofbusinessonthesecondbusinessdayfollowingthedateofreceiptbytheCounterpartyofnoticeofearlytermination,deliveredbytheCompanybyfacsimileto___________,attention:___________orbye-mailto____________;

(d) the commencement of any voluntary or involuntary case or other proceeding seeking liquidation, reorganisation or other relief under any

bankruptcy,insolvencyorsimilarlaworseekingtheappointmentofatrustee,receiverorothersimilarofficial,orthetakingofanycorporateactionbytheCompanytoauthoriseorcommenceanyoftheforegoing;and

(e) thepublicannouncementofatenderorexchangeofferfortheOrdinarySharesorofamerger,acquisition,recapitalisationorothersimilarbusiness

combinationortransactionasaresultofwhichtheOrdinaryShareswouldbeexchangedfororconvertedintocash,securitiesorotherproperty.7. TheCounterpartyshallcomplywiththerequirementsofparagraph(b)(2),(b)(3)and(b)(4)ofRule10b-18undertheSecuritiesExchangeActof1934,as

may be amended or superseded from time to time (the “Exchange Act ”), in connection withpurchases of the Ordinary Shares in the open marketpursuanttothisRepurchasePlan.TheCompanyagreesnottotakeanyactionthatwouldcausepurchasesnottocomplywithRule10b-18,Rule10b5-1orRegulationMoftheExchangeAct.

ROWAN COMPANIES PLC -2017ProxyStatementIII-1

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8. TheCompanyconfirmsthat,onthedatehereofthat(a)itisnotawareofmaterial,non-publicinformationwithrespecttotheCompanyortheOrdinaryShares,(b)itisenteringintothisRepurchasePlaningoodfaithandnotaspartofaplanorschemetoevadetheprohibitionsofRule10b5-1undertheExchangeActorotherapplicablesecuritieslaws,(c)itunderstandstheproscriptionsofRule10b5-1inrespectofoffsettingandhedgingtransactions,(d)itwillnotdisclosetoanypersonsattheCounterpartyeffectingpurchasesundertheRepurchasePlananyinformationregardingtheCompanythatmightinfluence the execution of the Repurchase Plan and (e) it will inform the Counterparty as soon as possible of any subsequent legal or contractualrestrictionsaffectingtheexecutionoftheRepurchasePlanbytheCounterpartyorbytheCompanyandoftheoccurrenceofanyeventthatwouldcausetheRepurchasePlantoendorbesuspendedascontemplatedinParagraph6.

9. IftheCounterpartymustsuspendpurchasesofOrdinarySharesunderthisRepurchasePlanonaparticulardayforanyofthefollowingreasons:

(a) adayspecifiedbytheRepurchasePlanisnotadayonwhichtheOrdinarySharestraderegularwayontheExchange;

(b) tradingoftheOrdinarySharesontheExchangeissuspendedforanyreason;or

(c) theCounterpartycannoteffectapurchaseofOrdinarySharesduetolegal,regulatoryorcontractualrestrictionsapplicabletoitortotheCompany(includingwithoutlimitation,RegulationM,Rule10b-5orRule10b-18);

If purchaseshave been so suspended, the Counterparty will resume purchases in accordance with this Agreement on the next day specified in the

RepurchasePlanaftertheconditioncausingthesuspensionofpurchaseshasbeenresolved.10. ItistheintentoftheCompanyandtheCounterpartythatthisRepurchasePlancomplywiththerequirementsofRule10b5-1(c)(1)(i)(B)andRule10b-18

undertheExchangeAct,andthisRepurchasePlanshallbeinterpretedtocomplywiththerequirementsthereof.11. TheRepurchasePlanmaybesignedincounterparts,eachofwhichwillbeanoriginal.12. TheRepurchasePlanandanyattachmenttogetherconstitutetheentireagreementbetweentheCompanyandtheCounterpartyandsupersedeanyprior

agreementsorunderstandingsregardingtheRepurchasePlan.13. AllnoticesgivenbythepartiesunderthisRepurchasePlanwillbeasfollows:

(a) IftotheCounterparty:Address:Attention:Faxno:

(b) IftotheCompany:

RowanCompaniesplcAttn:ChiefFinancialOfficer2800PostOakBoulevard,Suite5450Houston,Texas77056Email:[email protected]

14. ThisRepurchasePlanwillbegovernedbyandconstruedinaccordancewiththeinternallawsoftheStateofNewYork.15. ThenumberofOrdinaryShares,togetherwithothershareamountsandprices,ifapplicable,assetforthinParagraph2shallbeadjustedautomatically

onaproportionatebasistotakeintoaccountanystocksplit,reversestocksplitorstockdividendwithrespecttotheOrdinarySharesoranychangeincapitalisationwithrespecttotheCompanythatoccursduringthetermofthisRepurchasePlan.

16. ExceptasotherwisesetforthinthisRepurchasePlan,theCompanyacknowledgesandagreesthatitdoesnothaveauthority,influenceorcontrolover

any purchase executed by the Counterparty pursuant to this Repurchase Plan.The Counterparty agrees not to seek advice from the Company withrespecttothemannerinwhichitexecutespurchasesunderthisRepurchasePlan.

17. TheCounterpartyandtheCompanyeachacknowledgesandagreesthat:

(a) PriortoanyacquisitionbytheCompanypursuanttoParagraph4,theCompanyshallnotacquire,norhaveanylegalorbeneficialinterestin,anyOrdinarySharespurchasedbytheCounterpartypursuanttothisRepurchasePlan;

(b) NothinginthisRepurchasePlanisorshallconstituteapartyactingastheagentoftheotherforanypurpose.Neitherpartyshalldescribeitselfas

anagentorinanywayholditselfoutasbeinganagentoftheother;and

(c) TheCounterpartyshallactasprincipalinrespectofitsacquisitionofOrdinarySharesandshalleffectpurchasesofOrdinaryShareshereunderin“risklessprincipaltransactions”asdefinedinRule10b-18(a)(12)oftheExchangeAct.


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INWITNESSWHEREOF,thepartiesheretohaveexecutedthisRepurchasePlanasofthedatefirstwrittenabove.Rowan Companies plcBy:Name:Title:AcknowledgedandAgreed:By:Name:Title:

Exhibit A

(To Form of Rule 10b5-1 Repurchase Plan)TheCounterpartyandtheCompanyshallherebyagreethatthefollowingtermsshallhavethefollowingmeanings:“LimitPrice”shallmeanapersharepriceofUS$________;“MaximumAmount”isthemaximumpurchaseamountinasingletradingdayandshallmeanUS$_________;“TradingPeriod”shallmeantheperiodcommencingon_________andterminatingatcloseofbusinesson_________;“TotalRepurchaseAmount”isthemaximumaggregatepurchaseamountintheTradingPeriodandshallmeansUS$_________.CommissionpaidunderthisRepurchasePlanshallequal$__________perRecordSharetotheCompany.


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