Traders News Source issued a comprehensive report with no type of obligation on ENSCO PLC (NYSE:ESV), a firm that functions in operates through three divisions: Jackups, Floaters and Other. The firm operates and owns an offshore drilling rig fleet in the Asia Pacific, Africa and the Middle East. It also provides management services on rigs possessed by third-parties. The firm serves independent and government-owned gas and oil firms. It was founded in 1975 and has its headquarters in London, the U.K.
The details
On October 6th, Ensco reported the conclusion of its acquisition of Atwood Oceanics, Inc. Following the terms of the merger, Atwood shareholders are eligible to get 1.60 Ensco Class ‘A’ ordinary shares for each equity of Atwood common stock they held. Atwood and Ensco shareholders will own around 31% and 69%, respectively, of the due shares of the combined firm. Regarding the completion of the merger, Atwood common stock has halted trading on the NYSE.
The preceding few days or so have been extremely eventful for firm, and the stock of the Ensco has shown notable strength. These positive sentiments in the offshore drilling segment are led by the optimism of oil producers.
Ensco has utilized timely acquisitions to advance into one of the major offshore drilling firms, and the addition of Atwood is another key achievement in its progression. By buying Atwood at a major time in the market cycle, the company bought very top-quality assets at remarkable prices as values for the highest-specification resources are at a critical inflection point.
In addition, these high-specification assets should support ESV’s ability to meet mounting consumer demand and support its competitive position. TNS produces regular non-sponsored and sponsored reports, stock market blogs, articles and popular investment newsletters covering micro-cap and small equity markets. It has two independent and distinct departments.
