ENSCO PLC PLC (NYSE:ESV) has completed the acquisition of Atwood Oceanics, Inc. (NYSE:ATW). Under the terms of the agreement, Atwood shareholders will obtain 1.60 Ensco Class A Ordinary shares for every share of Atwood common stock that they own. Furthermore, Ensco shareholders will take up about 69% while Atwood will take 31% of the outstanding shares of the combined company. As a result of the merger agreement, Atwood common stock has stopped trading on the NYSE.
According to Carl Trowell, the president, and CEO at Ensco, the acquisition is a major milestone in the company’s progress and they welcome the new employees, clients, and shareholders into an even stronger Ensco fraternity. Ensco completed its acquisition of Atwood on October 6, leading to dozens of layoffs and ultimate closure of Atwood’s Houston-based branch.
Through a letter addressed to the Texas Workforce Commission (TWC) on October 5, Ensco stated that about 79 workers would be dismissed from the Atwood’s Houston headquarter for the period within October 2017 – March 2018. Since the company is not providing the usual 60 days notice to the affected workers, the firm will offer them with a minimum of 60 days full pay and other benefits in lieu of such notice. In addition, the layoffs are expected to be permanent.
Ensco is the leading company providing offshore drilling services to the large petroleum industry across the world. The merger will enhance the company’s mandate of exceeding its customers’ expectations. Ensco was ranked by EnergyPoint Research as the first in the Total Customer Satisfaction during the recent independent survey, the rank marks the seventh consecutive year that company was earning the distinction.
Ensco products are present in the all strategic offshore basins in six continents of the world. Its corporate headquarters are located in 6 Chesterfield Gardens, London.
