LONDON--(BUSINESS WIRE)--
Ensco plc (NYSE: ESV) (“Ensco”) today announced that it has received
clearance from the General Authority for Competition in the Kingdom of
Saudi Arabia for its pending combination with Rowan Companies plc (NYSE:
RDC) (“Rowan”).
As disclosed on February 21, 2019, shareholders of both Ensco and Rowan
voted to approve the pending all-stock transaction under which Rowan
shareholders will receive 2.750 Ensco shares for each Rowan share they
own. Completion of the transaction, which is expected to occur in April,
remains subject to court approval pursuant to a UK court-sanctioned
scheme of arrangement and other customary closing conditions.
Morgan Stanley & Co. LLC is lead financial advisor to Ensco. HSBC
Securities (USA) Inc. and Citigroup Global Markets Inc. also provided
financial advice to Ensco. Ensco’s legal advisors are Gibson, Dunn &
Crutcher LLP and Slaughter and May.
About Ensco
Ensco plc (NYSE: ESV) brings energy to the world as a global provider of
offshore drilling services to the petroleum industry. For more than 30
years, the company has focused on operating safely and going beyond
customer expectations. Operating one of the newest ultra-deepwater rig
fleets and a leading premium jackup fleet, Ensco has a major presence in
the most strategic offshore basins across six continents. Ensco plc is
an English limited company (England No. 7023598) with its corporate
headquarters located at 6 Chesterfield Gardens, London W1J 5BQ. To learn
more, visit our website at www.enscoplc.com.
Forward-Looking Statements
Statements included in this document regarding the proposed
transaction between Ensco and Rowan, including closing conditions of the
proposed transaction and other statements that are not historical facts,
are forward-looking statements (including within the meaning of Section
21E of the Securities Exchange Act of 1934, as amended, and Section 27A
of the Securities Act of 1933, as amended (the "Securities Act")).
Forward-looking statements include words or phrases such as
"anticipate," "believe," "contemplate," "estimate," "expect," "intend,"
"plan," "project," "could," "may," "might," "should," "will" and words
and phrases of similar import. These statements involve risks and
uncertainties including, but not limited to, actions by regulatory
authorities, rating agencies or other third parties, actions by the
respective companies' security holders, costs and difficulties related
to integration of Ensco and Rowan, delays, costs and difficulties
related to the transaction, market conditions, and Ensco's financial
results and performance following the completion of the transaction,
satisfaction of closing conditions, ability to repay debt and timing
thereof, availability and terms of any financing and other factors
detailed in the risk factors section and elsewhere in Ensco's and
Rowan's Annual Report on Form 10-K for the year ended December 31, 2017
and their respective other filings with the Securities and Exchange
Commission (the "SEC"), which are available on the SEC's website at
www.sec.gov
.
Should one or more of these risks or uncertainties materialize (or the
other consequences of such a development worsen), or should underlying
assumptions prove incorrect, actual outcomes may vary materially from
those forecasted or expected. All information in this document is as of
today. Except as required by law, both Ensco and Rowan disclaim any
intention or obligation to update publicly or revise such statements,
whether as a result of new information, future events or otherwise.
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Investor & Media Contacts
Nick Georgas, 713-430-4607
Senior Director – Investor Relations and
Communications
Tim Richardson, 713-430-4490
Manager – Investor Relations
Source: Ensco plc