Ensco to acquire Pride

Ensco Plc and Pride International Inc. have entered a merger agreement.

Offshore staff

LONDON and HOUSTON – Ensco Plc and Pride International Inc. have entered a merger agreement. Ensco will combine with Pride in a cash and stock transaction at the end of which Pride will hold 38% of Ensco’s outstanding shares. The estimated combined value is $16 billion.

The transaction will result in the second largest offshore driller with 74 rigs.

"The combination is an ideal strategic fit, as our rig types, markets, customers and expertise complement each other with minimal overlap,” said Dan Rabun, chairman, president, and CEO of Ensco.

“Pride has gained valuable expertise building and operating ultra-deepwater semisubmersibles and drillships and has strong relationships with leading customers in Brazil and West Africa, two of the fastest-growing deepwater markets in the world.

“Ensco is a leading provider of premium jackups and ultra-deepwater semisubmersible rigs with a major presence in the North Sea, Southeast Asia, North America and the Middle East. Together, we will form an even stronger company that is ideally positioned to capitalize on growth opportunities within our industry."

02/07/2011

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