Ensco PLC and Rowan Cos. PLC have agreed definitively to merge in an all-stock deal forming an offshore drilling contractor with 82 rigs with current operations and contracts off six continents.
The combined fleet includes 28 floating units, including two drillships under construction, and 54 jack ups, including one under construction. The totals exclude rigs in ARO Drilling, a 50-50 joint venture formed in October 2017 by Rowan and Saudi Aramco.
Among floaters covered by the merger, 25 rigs can drill in more than 7,500 ft of water.
Enterprise value of the combined company, based on share-price closings on Oct. 5, is $12 billion.
Ensco shareholders will own 60.5% of the combined company, and Rowan shareholders will own the remainder. Wood Mackenzie estimated the deal’s value at $2.38 billion.
Rowan Pres. and Chief Executive Officer Tom Burke will hold those positions in the new company. Carl Trowell, Ensco chief executive officer and president, will be executive chairman.
