Following the announcement, several analyst companies released comments, with several companies suggesting it was the first merger of two offshore drills since the slowdown began. Before its completion, shareholders of both companies approved the proposed merger on Thursday. “Consolidation is long overdue and the Ensco Atwood merger is the first step towards a less fragmented industry,” said Liz Tysall, senior offshore rig analyst at Rystad Energy. “The combined fleet will consist of 63 drilling rigs – 26 swimmers and 37 jackups, this has made Ensco the largest mixed fleet compared to other offshore drilling companies with fleets, including floats and jackups,” Atwood shareholders also voted in favour of agreeing to the merger agreement with Ensco with more than 98 percent of the votes cast and 70 percent of the outstanding shares in favor of the transaction. Under the merger agreement, Atwood shareholders are permitted to receive 1.60 Class A common shares of Ensco for each share held by atwood. Ensco and Atwood shareholders will hold 69% and 31% of the combined company`s outstanding assets, respectively. As part of the closing of the transaction, Atwood`s common stock ceased trading on the New York Stock Exchange. Ensco and Atwood are holding a conference call today at 10:00 a.m. .m CDT (11:00 a.m.m EDT and 4 p.m. .m London time). The call will be broadcast live on www.enscoplc.com and www.atwd.com. Alternatively, callers can choose 1-855-239-3215 within the United States or 1-412-542-4130 from outside the United States. Ask me for the Ensco conference.
It is recommended that participants call 20 minutes before the scheduled departure time. Callers can avoid delays by registering in advance for a registration number and a dpregister.com/10108374 PIN. On Friday, Ensco stated that, pursuant to the merger agreement, Atwood shareholders are entitled to 1.60 common shares of Ensco Class A for each share of Atwood`s common stock they hold. Ensco plc and Atwood Oceanics, Inc. have entered into a definitive merger agreement under which Ensco acquires Atwood in the context of an all-stock transaction. Under the merger agreement, Atwood shareholders will receive 1.60 Ensco shares for each Atwood share, with a total value of $10.72 per Atwood share, based on Ensco`s closing price of $6.70 on May 26, 2017. This corresponds to a premium of approximately 33% on Atwood`s closing price on the same day. At the end of the transaction, Ensco and Atwood shareholders will hold approximately 69% and 31% of Ensco plc`s outstanding shares, respectively. There are no funding conditions for this operation. Premier Oil has reached an agreement with the British company Chrysaor de Harbour to… Ensco plc brings energy worldwide as a global provider of offshore drilling services to the oil industry.
For 30 years, the company has focused on working safely and on customer expectations. Ensco ranks first in customer satisfaction in EnergyPoint Research`s latest independent survey – for the seventh year in a row that Ensco has won the award.