Rig owners Ensco and Rowan Companies are aiming to “engender a new type of company” after the UK-based pair this week agreed to an all-stock merger that values the new drilling giant at around $12 billion.
The companies have set their sights on $150 million of annual pre-tax savings through the combination, which will create a company with 82 rigs that will target in particular the ultra-deepwater and harsh-environment sectors.
