From the Field
Ensco to acquire Rowan for $2 bln
LONDON, October 9, 2018 – UK drilling services provider Ensco will buy US competitor Rowan for USD 2.38 billion, international media reported Monday.
The move comes in anticipation of recovery for the offshore drilling sector, which was harshly impacted by the 2014 fall in oil prices.
“We’re starting to see a broad pickup in nearly all geographies and all market segments,” Carl Trowell, Ensco’s CEO, said.
Upon completion of the transaction, expected in H1 2019, the combined entity with be worth USD 12 billion, with 54 jackup rigs and 28 floating rigs servicing the international market.