ENSCO: Drilling Deep for Value

By Christopher C. Williams, Barron's Oil and gas producers are scoring major finds farther offshore than ever before. That, and rising energy prices, are good news for companies like Ensco, the world's second-largest offshore driller, with 70 rigs and six more under construction. The London-based company drills in deepwater basins throughout the world, from the North Sea to … [Read more...]

Ensco Completes Pride Aquisition

Ensco Now World's Second Largest Offshore Driller LONDON--(BUSINESS WIRE)-- Ensco plc (NYSE: ESV) announced the completion of its acquisition of Pride International, Inc. (NYSE: PDE) after both companies received overwhelming shareholder approvals at special meetings held earlier today. The combination establishes Ensco as the world's second largest offshore drilling … [Read more...]

Pride extends option with Samsung for 6th drillship

Pride International, Inc. said today that it has reached and agreement with Samsung Heavy Industries, Ltd. to extend Pride's option for the construction of a sixth ultra-deepwater drillship by 30 days to April 30, 2011. The extension of the option period does not impact the estimated unit construction cost or delivery schedule determined in December 2010, upon the order by … [Read more...]

CEO Clarifies His Motives – ENSCO Purchased Pride For Its ‘Employees & Customers, Not Rigs’

HOUSTON-(Dow Jones)- London drilling company Ensco PLC (ESV) is buying rival Pride International Inc. (PDE) rather than ordering its own new drilling rigs in order to gain access to the Texas company's employees and customer base, Ensco Chief Executive Dan Rabun said. "It's easy to order rigs; it's little tougher to contract them and operate them," Rabun said Monday during … [Read more...]

Offshore Drillers Rise In Wake Of Ensco Buyout Of Pride

Shares of offshore drillers Atwood Oceanics Inc. (ATW) and Rowan Cos Inc. (RDC), among others, jumped as Ensco PLC's (ESV) $7.3 billion deal for Pride International Inc. (PDE) lifted the sector's valuation and sparked debate as to who's next. U.K.-based Ensco said Pride shareholders will receive a combination of stock and cash amounting to $41.60 per Pride share, or a 21% … [Read more...]