Offshore drilling companies Ensco and Rowan Companies have completed a $12bn all-stock transaction that combines the two companies, forming EnscoRowan.
Ensco shareholders have taken a 55% stake, Rowan shareholders 45%, and the company will be headquartered in the UK and trade on the NYSE.
Tom Burke, EnscoRowan’s president and CEO, commented: “The successful completion of our merger further enhances our market leadership with a fleet of high-specification floaters and jackups and diverse customer base. Our growing geographic presence, technologically-advanced drilling rigs and talented employees position us exceptionally well to meet increasing and evolving customer demand. I look forward to executing on the significant long-term growth opportunities we believe we can capture from our combined strengths as the offshore sector recovers.”
EnscoRowan has a fleet of 82 rigs across six continents serving more than 35 customers.
