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ESV

Ensco

$4.35

-0.17 (-3.76%)

, RDC

Rowan Companies

$10.49

-0.14 (-1.32%)

08:57
01/14/19
01/14
08:57
01/14/19
08:57

Ensco announces proposal to increase exchange ratio for combination with Rowan

Ensco (ESV) announced that it has made a proposal to Rowan Companies (RDC) to increase the exchange ratio for its all-stock combination with Rowan. Under the terms of the proposal, Rowan shareholders would receive 2.600 Ensco shares for each Rowan share, a 17.4% increase from the exchange ratio of 2.215 contemplated by the transaction agreement dated October 7, 2018 between the parties. Upon closing, Ensco and Rowan shareholders would own approximately 57% and 43%, respectively, of the outstanding shares of the combined company. All other terms and conditions of the transaction agreement would remain unchanged. The proposal has been unanimously approved by Ensco's board. Ensco's Non-Executive Chairman of the board of directors Paul E. Rowsey III stated, "This enhanced proposal is a reaffirmation of our belief that this combination will generate significant long-term shareholder value and result in the creation of a leading offshore driller with substantial opportunities across water depths, geographies and market conditions. The combined company will boast some of the industry's highest-specification assets, unparalleled geographic coverage, a diverse customer base and significant future revenue growth opportunities. Further, $150 million of anticipated annual synergies resulting from the transaction are expected to create $1 billion of capitalized value for shareholders of the combined company. We look forward to quickly executing an amendment to the definitive agreement and to consummating this transaction and delivering on the significant opportunities of the combined company." In addition to a leading offshore fleet with a vast geographic presence, the combined company will have the industry's broadest customer base, with continued focus on customer satisfaction and the development of new technology to differentiate services and lower costs. As a result of significant synergies, the transaction is expected to be accretive to cash flow per share in 2020. The combined company would also have a strong financial position with $3.7 billion of total liquidity, $2.6 billion of contracted revenue backlog and an enhanced credit profile that enables the combined company to better compete across market cycles. Ensco's board and senior management team are committed to the combination of the two companies, which will benefit shareholders, customers and employees of both companies. However, this proposal is final and represents the maximum exchange ratio that Ensco is prepared to offer.

ESV

Ensco

$4.35

-0.17 (-3.76%)

RDC

Rowan Companies

$10.49

-0.14 (-1.32%)

  • 10

    Feb

ESV Ensco
$4.35

-0.17 (-3.76%)

12/20/18
BTIG
12/20/18
NO CHANGE
BTIG
Transocean, Ensco price targets lowered at BTIG
BTIG analyst Gregory Lewis lowered his price target on Transocean (RIG) to $14 from $18 and Ensco (ESV) to $8 from $14 as part his broader research note on Offshore Drilling partially titled "Some Coal for the Stocking". The analyst notes that the decline in the oil price has driven offshore drilling stocks down by about 55% quarter-to-date on average, with expectations of activity also being pushed out for the sector. Lewis further states that expectations for an offshore recovery in 2019 were already low, however the market appears to be increasingly more concerned with the possibility of a recession risk. Longer term, Lewis rates both stocks at a Buy and notes some "positive momentum" in the "on-contracted jackup fleet at 314 rigs, which is 3% above the 2018 average and 6% above the 2017 average."
12/20/18
12/20/18
DOWNGRADE

Fly Intel: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Macerich (MAC) downgraded to Sector Weight from Overweight at KeyBanc. 2. Eventbrite (EB) downgraded to Hold from Buy at Stifel with analyst Scott Devitt citing valuation. 3. HSBC (HSBC) downgraded to Sell from Hold at Edward Jones. 4. Noble Corp (NE) and Ensco (ESV) were downgraded to Hold from Buy at Societe Generale. 5. Greif (GEF) downgraded to Underperform from Outperform at BMO Capital. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
12/28/18
WELS
12/28/18
NO CHANGE
WELS
Wells sees 'rocky times ahead' for Oil Services and Equipment market
Emerging data points suggest "rocky times ahead" for the North American Oil Services and Equipment market in early 2019, Wells Fargo analyst Judson Bailey tells investors in a research note. As oil prices and macro conditions have weakened to end 2018, a number of recent conversations suggest a "quickly deteriorating" outlook for exploration and production budgets, activity levels and pricing over the first few months of 2019, adds the analyst. He believes the case for "much needed consolidation" across the U.S. oilfield services landscape "has never been greater."
01/09/19
DNBM
01/09/19
UPGRADE
DNBM
Buy
Ensco upgraded to Buy from Hold at DNB Markets
RDC Rowan Companies
$10.49

-0.14 (-1.32%)

12/19/18
FBCO
12/19/18
DOWNGRADE
Target $10
FBCO
Neutral
Rowan Companies downgraded to Neutral at Credit Suisse
As previously reported, Credit Suisse analyst James Wicklund downgraded Rowan Companies to Neutral from Outperform as he updates his sector-wide macro forecasts for a lower expected oil price. In 2019, the analyst sees the overall U.S. rig count declining by about 5%, a 5% decline in completions and a 3% decline in pressure pumping horsepower needed. Wicklund also lowered his price target on the shares to $10 from $20.
12/20/18
SOCG
12/20/18
DOWNGRADE
SOCG
Rowan Companies downgraded to Hold from Buy at Societe Generale
Societe Generale analyst Edward Muztafago downgraded Rowan Companies to Hold from Buy and lowered his price target to $10 from $24.
01/09/19
DNBM
01/09/19
UPGRADE
DNBM
Buy
Rowan Companies upgraded to Buy from Hold at DNB Markets

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ALPN

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TXRH

Texas Roadhouse

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UAL

United Continental

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PLL

Piedmont Lithium

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GSBC

Great Southern Bancorp

$49.85

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19:34
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BAYRY

Bayer

$0.00

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BLK

BlackRock

$413.28

-6.01 (-1.43%)

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EHTH

eHealth

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-0.85 (-1.84%)

, ARAY

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CNMD

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APHA

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LOGI

Logitech

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WBA

Walgreens Boots Alliance

$71.59

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SMBC

Southern Missouri Bancorp

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VIA

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GOOG

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VIA

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AZZ

AZZ Inc.

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-0.67 (-1.46%)

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TSLA

Tesla

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NCOM

National Commerce

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IBM

IBM

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-1.49 (-1.20%)

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UAL

United Continental

$83.34

-2.27 (-2.65%)

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AQMS

Aqua Metals

$2.16

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