Ensco-Rowan: All water depths with truly global footprint

Offshore drillers Ensco and Rowan earlier this week announced they would merge to create an offshore drilling company with the broadest geographic presence of any offshore driller in the market. Norwegian oil and gas intelligence firm Rystad Energy agrees.

Ensco 72; Image by SP Mac/Flickr – under permission from the photographer

In a comment following the Ensco-Rowan merger announcement, Rystad labeled the deal as “A merger of equals,” adding the merged company would be “an industry-leading drilling contractor capable of working across all water depths with a truly global footprint.”

As previously reported, the merged company will have the world’s largest offshore rig fleet, consisting of 82 drilling rigs – consisting of both jack-ups and floaters. Rystad has said that the combined fleet will have one of the most capable fleets in the industry.

Rystad has shared a graph showing the global spread of the two drillers’ contracted offshore rig fleet.

“Through the merger with Rowan, Ensco will enter the harsh-environment Norwegian market where it had previously not had a footprint. This also creates the largest marketed, high-spec jack-up drilling contractor in the Gulf of Mexico. The combined company will be very well positioned to benefit from the upturn in the offshore drilling sector,” Rystad said.

Large customer base

Rystad has highlighted the large customer base the newly-combined company will have as one of the main benefits of the merger. The customers are spread across majors, national oil companies and smaller independents.

“Many of the largest operators such as Saudi Aramco, BP, Chevron, ExxonMobil, and Shell as well as smaller operators like Cantium, GulfSlope, Fieldwood and Castex will now benefit from economies of scale and operational expertise across the globe,” Rystad has said.

The combined company’s balance sheet is estimated to have liquidity of approximately $3.9 billion, including $1.9 billion of cash and short-term investments providing financial flexibility. Total estimated revenue backlog for the combined entity is approximately $2.7 billion, excluding ARO Drilling’s backlog.

Related:

Bassoe: Ensco and Rowan just created the mother of all offshore drilling rig owners

Consolidation among drillers paramount to a recovery, WoodMac says

Ensco and Rowan merger to create world’s biggest offshore drilling company by fleet size

 

Share this article

Follow Offshore Energy Today

Events>

<< May 2019 >>
MTWTFSS
29 30 1 2 3 4 5
6 7 8 9 10 11 12
13 14 15 16 17 18 19
20 21 22 23 24 25 26
27 28 29 30 31 1 2

08th OIL & GAS AFRICA 2019 CONFERENCE

OIL & GAS AFRICA is one of the most prime regional & international Oil and Gas conferences in East Africa…

read more >

FPSO Brazil Congress 2019

Charging ahead with 24 planned orders by 2022, Brazil has once again solidified its status as one of the world’s foremost oil and gas leaders…

read more >

OWI WA 2019

West Africa’s only dedicated Offshore Well Intervention Conference is returning for its second year…

read more >

OIL & GAS PHILIPPINES 2019

Oil & Gas Philippines event display products like Oil & gas, fire protection systems and materials…

read more >

Jobs>

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply