Ensco buys rival Pride for $7.3bn
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.Ensco is buying rival Pride International for about $7.3bn (£4.5bn) in a deal that will create the world's second-largest offshore oil and gas driller, behind Transocean. The deal will give Ensco, which is UK-based but listed in New York, new access to lucrative deepwater markets off Brazil and west Africa.
Ensco's fleet of rigs is deployed in the Gulf, Europe, the Middle East and Asia, and the deal will add Pride's nine rigs in Brazil and five rigs off the west coast of Africa.
The new company will have 21 deepwater drilling rigs, giving it a strong position in the most lucrative segment of the offshore market, which often pays rig owners more than $500,000 per day.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments