RDC - Rowan: New 7-Well Contract Details On Ensco Merger Negotiations
Rowan (RDC) has been the best-performing offshore drilling stock since the beginning of the year, gaining as much as 45% year-to-date. The ingredients of this success were the oversold state of the stock at the end of 2018, oil price rebound in January 2019 and, most importantly, increased bids from Ensco (ESV) in the upcoming merger deal. Recently, Rowan announced a new significant contract for its jack-up Rowan Viking, while Ensco published additional information on how the increased bids for Rowan were made. Let's look at these developments in more detail.