Source: MarineTraffic Picture: Semi-submersible Ensco 8503
Introduction
Ensco PLC (ESV) is one of my long-term investments in the offshore drilling sector with Transocean (RIG). The most notable difference between Transocean and Ensco is that the latter owns a well-diversified fleet with an emphasis on the jack-ups' side while the other is focusing on the Ultra-deepwater and deepwater exclusively.
This fundamental difference will get even more amplified after Ensco and Rowan Companies (RDC) complete their merger. While I was firmly against the first merger with Atwood Oceanics for apparent reasons,