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Ensco and Rowan merge to form world's largest offshore drilling company

12/04/2019
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UK-based Ensco has completed its merger with Rowan to create the world’s largest offshore drilling firm by fleet size. The merger, which was first announced in October, will create a new company called EnscoRowan.
The merger of Ensco and Rowan creates the world's largest offshore drilling company by fleet size.
(The merger of Ensco and Rowan creates the world’s largest offshore drilling company by fleet size. Image via EnscoRowan).

Under the terms of the merger, EnscoRowan will trade on the New York Stock Exchange and will maintain its headquarters in London, whilst also holding a significant presence in Houston. Ensco and Rowan shareholders will hold 55% and 45% of the new firm respectively.

Commenting on the successful completion of the merger, Tom Burke, EnscoRowan’s President and Chief Executive Officer, said:

“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 talent 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”.

Carl Trowell, EnscoRowan’s Executive Chairman, stated:

“The combination of Ensco and Rowan creates an industry-leading offshore driller across all water depths, establishing a stronger company capable of thriving throughout the market cycles. Our increased scale, diversification and financial strength will provide significant advantages to better serve our customers and unlock long-term value for our shareholders. We are excited to move forward together as a combined company”.

The merger comes at an opportune moment for EnscoRowan with Rystad Energy reporting this week that oil and gas exploration and discoveries have gotten off to a flying start in 2019, with global discoveries of conventional resources in the first quarter reaching a robust 3.2 billion barrels of oil equivalent (boe).

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Tags: Oil & Gas
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Ensco and Rowan merge to form world's largest offshore drilling company - Time to read 2 min
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