ESV News and Press, Ensco plc Class A From 10/08/18

This week starts with huge news for the offshore drilling sector: Ensco ( ESV ) merges with Rowan ( RDC ). The companies decided to combine, subject to shareholder vote. Under the terms of the agreement, Rowan shareholders will receive 2.215 Ensco shares for each Rowan share that they own. W...

Ensco (NYSE: ESV ) and Rowan (NYSE: RDC ) agree to merge in an all-stock deal to "create an industry leader in offshore drilling across all water depths" and the broadest geographic presence of any offshore driller. More news on: Ensco PLC, Rowan Companies plc, Energy stocks news, Merger...

Broad Portfolio of High-Specification Floaters and Jack-ups Diverse Customer Base Includes Most of the Largest Holders of Offshore Reserves Broadest Geographic Presence of Any Offshore Driller Well Capitalized with Combined Liquidity of $3.9 Billion $150 Million of Anticipated Annual Expense...

As the offshore drilling market recovery gains some momentum, it is very interesting to see how banks evaluate their clients in the space. Renewing credit facility has been a task for a number of drillers this year. For example, back in May, Rowan ( RDC ) entered into a new credit facility t...

In my works on offshore drilling dayrates ( drillships , semi-subs , jack-ups , drillships part 2 ), I highlighted the fact that the market needs increased scrapping activity even if demand picks up. Put simply, older, less capable rigs should finally pave the way for modern rigs and newbui...

Source: Borr Drilling presentation It turned out that Borr Drilling ( BDRLF ) indeed meant what it said on the first slide of its recent presentation which I presented above. The company has recently announced that it will activate four additional jack-ups. While trading on the OTC (I ...

Imagine a contest between two horses. History suggests one of the animals, having lost the majority of its races against this competitor, is the slower of the two. You are given even odds. Would you bet on the slower horse? The answer, of course, is no. Only a glutton for punishment would ta...

Recently, a number of interesting topics were discussed in the comments sections of my articles on offshore drilling dayrates – “ Will Drillship Rates Rise Rapidly? ”, “ Will Drillship Rates Rise Rapidly? Part 2 ” and “ Here’s What Transocean&#x...

Image: Ensco 72 from MarineTraffic Investment Thesis Ensco PLC ( ESV ) is one of the two offshore drillers - Transocean ( RIG ) is the other one - that I hold long term, despite a yet-to-be-seen "full recovery" that will eventually reduce the massive rig oversupply and boost day rates ...

Source: ShipSpotting - Ultra-Deepwater Drillship Petrobras 10000 Investment Thesis Transocean ( RIG ) continues to be one of the best offshore drillers with a considerable backlog estimated (Fun Trading personal estimate) at ~$11.5 billion as of 09/30/2018. The company is focusing on t...