EnscoRowan formed as $12bn combination completed

EnscoRowan formed as $12bn combination completed

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.

Grant Rowles

Grant spent nine years at Informa Group based in London, Sydney, Hong Kong and Singapore. He gained strong management experience in publishing, conferences and awards schemes in the shipping and legal areas, working on a number of titles including Lloyd's List. In 2009 Grant joined Seatrade responsible for the commercial development of Seatrade’s Asia products. In 2012, with Sam Chambers, he co-founded Asia Shipping Media.

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