2011-02-18-2011-02-07-2011-05-31
Merged, creating deepwater oilfield service co., with drillships, premium jackups and ultra-deepwater semisubmersible rigs targeting worldwide industry.
Ensco Plc, London, (NYSE: ESV) has completed its acquisition of Pride International Inc. (NYSE: PDE) for $7.3 billion.
Ensco issued 0.4778 Ensco share plus $15.60 in cash per Pride share.
The combination establishes Ensco as the world's second largest offshore drilling company and the clear leader in customer satisfaction. Ensco's expanded rig fleet is made up of seven ultra-deepwater drillships, 13 dynamically positioned semisubmersibles, seven moored semisubmersibles and 49 premium jackups. The ultra-deepwater fleet is the newest in the industry and the active premium jackup fleet is the largest of any driller.
Several drillships, semisubmersibles and ultra-premium harsh environment jackups are under construction as part of Ensco's ongoing strategy to continually high-grade the fleet.
"Today is an important milestone in Ensco's history," says Dan Rabun, chairman, president and chief executive officer. "Through this transaction, we have expanded our deepwater fleet with drillship assets, and now have a substantial presence in Brazil and West Africa – both strategic, high-growth markets. In addition, we have gained major new customers from around the world."
"We are the industry leader in customer satisfaction having collectively earned the top ranking in 14 of 16 separate categories in EnergyPoint's recent survey of customers in the global oilfield. This recognition, coupled with our enhanced rig fleet and expertise, will enable us to further capitalize on growth opportunities worldwide," adds Rabun.
As contemplated under the merger agreement, David A.B. Brown and Francis S. Kalman have joined Ensco's board. Both are former directors of Pride International. Recently, Paul E. Rowsey III was appointed by Ensco's board as lead director.
Rabun will continue as chairman, president and CEO of Ensco and James W. Swent will continue as senior vice president and chief financial officer.