- Ongoing prudent financial management and capital deployment by Ensco leadership and the Board of Directors, who have a history of making sound strategic capital decisions to best position the Company through various stages of the market cycle.
- Ensco's targeted investments in technology and innovation that improve the Company's processes, systems and intellectual property, giving Ensco a competitive advantage in the offshore recovery.
- Ensco's continuous drive toward industry-leading safety and operational excellence, which position the Company well to continue delivering high levels of performance to customers.
- The enhancement of Ensco's fleet with the addition of Atwood's best-in-class assets at attractive, below-market values, which further Ensco's ability to meet increasing customer demand for high-specification assets.
- Significant shareholder value creation opportunities from the acquisition, which is expected to generate double-digit accretion for Ensco shareholders and total synergies that create more than $500 million of present value at a 10% discount rate.
- A strong pro forma balance sheet with financial flexibility and sufficient liquidity to cover debt maturities through 2024.
- A disciplined approach to the acquisition by Ensco's management and Board of Directors, who participated in a competitive process, with the premium at the time of the offer less than 10% higher than the market value of the competing bid.
No Offer or SolicitationThis release is not intended to and does not constitute an offer to sell or the solicitation of an offer to subscribe for or buy or an invitation to purchase or subscribe for any securities or the solicitation of any vote in any jurisdiction pursuant to the proposed transaction or otherwise, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in contravention of applicable law. Subject to certain exceptions to be approved by the relevant regulators or certain facts to be ascertained, the public offer will not be made directly or indirectly, in or into any jurisdiction where to do so would constitute a violation of the laws of such jurisdiction, or by use of the mails or by any means or instrumentality (including without limitation, facsimile transmission, telephone and the internet) of interstate or foreign commerce, or any facility of a national securities exchange, of any such jurisdiction. Service of Process Ensco is incorporated under the laws of England and Wales. In addition, some of its officers and directors reside outside the United States, and some or all of its assets are or may be located in jurisdictions outside the United States. Therefore, investors may have difficulty effecting service of process within the United States upon those persons or recovering against Ensco or its officers or directors on judgments of United States courts, including judgments based upon the civil liability provisions of the United States federal securities laws. It may not be possible to sue Ensco or its officers or directors in a non-U.S. court for violations of the U.S. securities laws.