Tom Burke

Offshore driller exits Chapter 11

Offshore drilling contractor Valaris — which until a 2019 name change was called EnscoRowan — reports that on April 30, 2021, it completed its financial restructuring and emerged from Chapter 11 bankruptcy.

The group’s plan of reorganization was approved and confirmed by the U.S. Bankruptcy Court for the Southern District of Texas on March 3, 2021.

Valaris says it now “moves forward with a strengthened capital structure, eliminating $7.1 billion of debt and securing a $520 million capital...

https://www.marinelog.com/offshore/oil-gas/offshore-driller-exits-chapter-11/

Ensco, Rowan complete merger

An Ensco ultradeepwater semisubmersible. Ensco plc photo

Ensco Rowan plc announced the completion yesterday of the previously disclosed merger of Ensco plc  and Rowan Companies plc. The company began trading today on the New York Stock Exchange under the ticker symbol ESV. EnscoRowan will maintain its headquarters in London with a significant presence in Houston.

Under the terms of the agreement, Rowan shareholders received 2.75 Ensco shares for each Rowan share they owned immediately prior to closing. Legacy Ensco and Rowan shareholders own...

https://www.workboat.com/news/offshore/ensco-rowan-complete-merger/

Offshore drillers Ensco and Rowan in $12 billion merger

A Rowan jackup drilling rig. Rowan Companies photo

Offshore drillers Ensco plc and Rowan Companies plc announced yesterday that the companies will combine in an all-stock transaction. The agreement was unanimously approved by each company’s board of directors. The companies anticipate that the transaction will close during the first half of 2019.

Under agreement, Rowan shareholders will receive 2.215 Ensco shares for each Rowan share. Upon closing, Ensco and Rowan shareholders will own approximately 60.5% and 39.5%, respectively, of the...

https://www.workboat.com/news/offshore/offshore-drillers-ensco-and-rowan-in-12-billion-merger/