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Merger move for Ensco and Pride
 Ensco Drilling and Pride International are to become one to create the world’s second biggest rig contractor after Transocean.
The two companies have entered a definitive merger agreement through which the two are to merger in a combined stock and cash transaction creating a new company to be called Ensco Plc.
As one company, Ensco and Pride will own 74 rigs - comprising 47 jackups and 27 floating units - spanning all of the major world drilling markets, from shallow to deepwater drilling units, including 21 ultra-deepwater and deepwater rigs and drillships.
Pride shareholders will be receiving one newly issued Ensco share for every 0.4778 Pride share held, plus US $15.60 in cash, leaving Pride owning 38% of Ensco.
Together the two companies will have a revenue backlog of US $10 Billion, an “estimated enterprise value” of $16 Bn, and management aims to realise $50 million in synergy savings from the merger of the two companies - which is to be named Ensco Plc - by the end of 2012.
Dan Rabun, Ensco’s chairman, president and chief executive will stay in the same role in the new company, and Ensco’s James Swent will remain chief financial officer.
All other executive management team members will be named at a later date, comprising executives from both companies.
All eight Ensco’s board members will remain as directors of the new Ensco Plc, and two Pride directors will join them.
Also Ensco will remain domiciled in the UK where most of its senior management team is based after relocating to the UK from the US in 2009.
“The combination is an ideal strategic fit, as our rig types, markets, customers and expertise complement each other with minimal overlap,” Rabun stated, announcing the move
Pride’s president and chief executive Louis Raspino added, “The combination of Pride and Ensco creates an offshore contract driller with many of the attributes needed to ensure long-term success in our business.”
He went on: “I have always been an advocate of scale, believing that a company with critical mass is afforded numerous benefits, including operational efficiencies, marketing advantages and the ability to attract and retain talented individuals that will help to secure a strong future for our company.”Advertisement
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