The shareholders of offshore drillship firm Ensco have approved the merger with Atwood Oceanics, Inc.
They voted to allow the allotment and issuance of Ensco Class A ordinary shares in connection with the all-stock acquisition of Atwood at the company’s general meeting yesterday.
The final results of the general meeting of shareholders indicated that 65% of the shares cast at the meeting voted in favor of this proposal.
Carl Trowell, Ensco’s president and chief executive officer, said: “We are extremely pleased that Ensco shareholders recognized the strategic and financial merits of our combination with Atwood.
“This transaction is a significant milestone for Ensco as we continue to execute our strategic plan to emerge from the market downturn as the clear leader in the offshore drilling sector.
“By acquiring Atwood at a pivotal time in the market cycle, we are purchasing high-quality assets at compelling prices as values for the highest-specification assets are at a critical inflection point.
“Additionally, these high-specification assets will further our ability to meet increasing customer demand and strengthen our competitive position, which coupled with significant expected synergies, will generate meaningful, long-term value for all shareholders.”
Separately, Atwood announced today that its shareholders voted to adopt the merger agreement with Ensco at a special meeting of Atwood shareholders.
Ensco expects that this transaction will be completed promptly, subject to customary closing conditions.
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