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 outstanding shares of the combined entity. There are no financing conditions for this transaction.Per Ensco’s statement, based on the closing price of each company’s shares on October 5, 2018, the estimated enterprise value of the combined company is $12.0 billion.The merger is expected to create $150 million in annual cost savings through synergies, made mainly from corporate and regional overlaps, supply chain efficiencies, and the standardization of systems, policies and procedures across the combined organization.Rowan President and Chief Executive Officer Tom Burke, who will serve as President and Chief Executive Officer of the combined company, said, “We are excited to reach an agreement to combine our well-respected organizations, enabling both Rowan and Ensco shareholders to participate in the substantial value creation opportunities of a larger, more technologically-advanced and diverse offshore drilling company.”In a statement on Monday, the companies said the combination would bring together both companies’ complementary businesses, “creating a leading offshore driller by fleet size, geographic presence, and customer base, with 82 rigs spanning six continents and collectively serving more than 35 customers, including the largest national oil companies, international majors and independent exploration and production companies.”While Burke will be the CEO of the merged company, Ensco’s President and CEO Carl Trowell, will serve as Executive Chairman of the combined company.Commenting on the merger, Trowell said the combination of Ensco and Rowan would create an industry leader in offshore drilling across all water depths, “with significant advantages to capitalize on future opportunities and better serve our customers.”“Ensco and Rowan share a common culture built around safety and operational excellence, innovation, technical expertise and customer satisfaction. Through this combination, Ensco shareholders will uniquely benefit from Rowan’s strategic joint venture with Saudi Aramco, ARO Drilling, while all stakeholders will share in meaningful cost savings and even greater upside to improving market conditions as the industry recovery continues gaining momentum,” he said.The Saudi Aramco partner to the ARO Drilling joint venture has consented to the combination between Rowan and Ensco.The fleetAccording to the statement released on Monday, the combined fleet will consist of 28 floating rigs (semi-subs and drillships) and 54 jack-ups. The number includes two drillships and one jack-up rig under construction and does not include rigs which are part of Rowan’s ARO joint venture in Saudi Arabia.Within the fleet of 28 floating rigs are 25 ultra-deepwater rigs capable of drilling in water depths of greater than 7,500 feet, with an average age of six years – “establishing this fleet among the youngest and most capable in the industry.”According to Ensco, the combined fleet will also have the second-largest fleet of the highest-specification drillships in the industry, with 11 of these seventh generation ultra-deepwater rigs.As for the jack-ups the 54-rig jack-up fleet will include 38 units that are equipped with “many of the advanced features requested by clients with shallow-water drilling programs,” such as increased leg length, expanded cantilever reach and greater hoisting capacity. Among the combined company’s jack-up fleet are seven ultra-harsh environment units and nine additional modern harsh environment rigs.The date of the merger announcement comes almost exactly one year after Ensco completed a merger with Atwood Oceanics in October 2017, becoming the largest jack-up operator in the world at the time.Also, the merger deal further consolidates the offshore drilling space. Just a little over a month ago, in September, Ensco’s rival, Transocean, announced it would buy Ocean Rig in a transaction valued at $2.7 billion. To remind, earlier in 2018, Transocean also completed the acquisition of the floater specialist Songa Offshore.Below is the breakdown of the current rig fleet sizes by major offshore drillers, as generated by VesselsValues’ chart tool. Take note that the chart does not currently show the merged fleets of Ensco & Rowan and Transocean & Ocean Rig.Offshore Energy Today Staff Offshore drillers Ensco and Rowan have announced an all-stock merger agreement creating an offshore drilling company with 82 offshore rigs in its fleet. The two drillers have said that the merger will create a driller with the broadest geographic presence of any offshore driller in the market. Rowan CEO will serve as the chief executive of the combined company.Ensco 72; Image by SP Mac/Flickr – under permission from the photographer
As students prepare to leave campus, many organizations and offices are also preparing to move, leaving their current locations for nicer digs in the new Ronald Tutor Campus Center.On the move · Members of the Undergraduate Student Government will begin moving into their new office, pictured above, this summer. – Carlo Acenas | Daily Trojan The Alumni Center, Admission Center, Undergraduate Student Government, KSCR radio station, Program Board and a number of other Student Affairs’ organizations will be packing their boxes and finally making the move to the campus center this summer. These organizations were selected to move into the campus center by a university program planning team, according to Patrick Bailey, the associate dean and executive director of Student Life and Involvement.The move-in process will officially begin June 1, Bailey said. For more than three years, a moving committee has been collaborating with organizations to facilitate an easy and successful move. Officials will also be offering assistance to help the organizations move boxes to their new offices.“Representatives from each area have been working together to work out the details, from how the phones and computers are transferred to getting the new university mail codes, etc.,” Bailey wrote in an e-mail. “We also are working around university programs/events to ensure a smooth transition for everyone.”Most organizations are confident the move will be completed in time for the beginning of next semester.“I don’t foresee any complications because I think there will be enough people here over the summer to help with the move,” said Elizabeth Trower, senior director of communications for USG. “Things would have to go drastically wrong for us to not be settled before school starts.”Ruthie Pyles, the manager of the Admission Center, also said she thinks the move will go well, but the Admission Center is planning to be flexible in case it doesn’t.“I’m sure [the move] will go very smoothly, but with any sort of construction, there are always things that may arise, and we are planning to be as flexible as possible,” Pyles said. “I have every faith and confidence that all the main departments will be in and ready to go when students come back.”Some groups are struggling with their preparations for the move, however.To get ready for the move, Program Board has had to sort through its belongings and decide what is important and what’s not.“From what I’ve heard, there’s not a lot of storage space in the campus center,” Richie Pizano, executive director of Program Board, said. “The Program Board office is flooded [with things], so we’ve been very selective with what we pack up and what we store in different storage areas.”Karl Nickenig, next year’s general manager of KSCR radio, said KSCR is in the process of deciding what should be moved to the new office in the campus center.“I know the new space will have its own furniture, so our staff has to decide what we need and what we don’t in the coming weeks,” Nickenig said.Even once these offices and groups are comfortably settled in the campus center, their current offices will not be entirely abandoned.According to Bailey, there are multiple administrative groups that review available space on campus and then determine which organizations will best utilize that space.“They look at short-term/long-term needs, student and academic needs, service and operational needs, etc.,” Bailey wrote. “At USC space is a very precious thing, that’s why we worked hard to develop/create space that can serve multiple functions in the campus center.”So far, administrators have decided that the current USG office, located in the Student Union, will become the new Orientation Programs office. The future of the current Admission Center, located in Trojan Hall, has not yet been decided.The Epstein Family Alumni Center in the campus center will house about 24 members of the Alumni Association, but the university’s oldest building, the Widney Alumni House will not be deserted.“The Alumni House will remain a part of the alumni footprint of the university,” said Patrick Auerbach, executive director of alumni relations. “It will become a welcome center for alumni, whereas the office in the campus center will become a headquarters and place where our volunteer leadership will come to campus.”Other organizations moving into the campus center include Academic Recognition Programs, the Volunteer Center, the Office of Campus Activities, the Graduate and Professional Student Senate, Leadership Programs, the SCheduling Office and Campus Center Administration.
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