HOUSTON, March 27, 2019 /PRNewswire/ -- Rowan
Companies plc (NYSE: RDC) ("Rowan" or the "Company") today
announced that it has received clearance from the General Authority
for Competition in the Kingdom of Saudi
Arabia for its pending combination with Ensco plc (NYSE:
ESV) ("Ensco").
As disclosed on February 21, 2019,
shareholders of both Ensco and Rowan voted to approve the pending
all-stock transaction under which Rowan shareholders will receive
2.750 Ensco shares for each Rowan share they own. Completion of the
transaction, which is expected to occur in April, remains subject
to court approval pursuant to a UK court-sanctioned scheme of
arrangement and other customary closing conditions.
Goldman Sachs & Co. LLC is serving as financial advisor and
Kirkland & Ellis LLP is serving as legal advisor to the
Company.
About Rowan
Rowan is a global provider of contract drilling services with a
current fleet of 25 mobile offshore drilling units, composed of 21
self-elevating jack-up rigs and four ultra-deepwater drillships.
The Company's fleet operates worldwide, including the United States
Gulf of Mexico, the United Kingdom
and Norwegian sectors of the North Sea, the Middle East, the Mediterranean Sea, Central
and South America. Additionally,
the Company is a 50/50 partner in a joint venture with Saudi
Aramco, entitled ARO Drilling, that owns a fleet of seven
self-elevating jack-up rigs that operate in the Arabian Gulf. The
Company's Class A Ordinary Shares are traded on the New York Stock
Exchange under the symbol "RDC." For more information on the
Company, please visit www.rowan.com.
Forward-Looking Statements
Statements included in this
document regarding the proposed transaction between Ensco and
Rowan, including benefits, expected synergies and other expense
savings and operational and administrative efficiencies,
opportunities, timing, expense and effects of the transaction,
financial performance, accretion to cash flows, revenue growth,
credit ratings or other attributes of Ensco following the
completion of the transaction and other statements that are not
historical facts, are forward-looking statements (including within
the meaning of Section 21E of the Securities Exchange Act of 1934,
as amended, and Section 27A of the Securities Act of 1933, as
amended). Forward-looking statements include words or phrases such
as "anticipate," "believe," "contemplate," "estimate," "expect,"
"intend," "plan," "project," "could," "may," "might," "should,"
"will" and words and phrases of similar import. These statements
involve risks and uncertainties including, but not limited to,
actions by regulatory authorities, rating agencies or other third
parties, actions by the respective companies' security holders,
costs and difficulties related to integration of Ensco and Rowan,
delays, costs and difficulties related to the transaction, market
conditions, and Ensco's financial results and performance following
the completion of the transaction, satisfaction of closing
conditions, ability to repay debt and timing thereof, availability
and terms of any financing and other factors detailed in the risk
factors section and elsewhere in Ensco's and Rowan's Annual Report
on Form 10-K for the year ended December 31,
2017 and their respective other filings with the Securities
and Exchange Commission (the "SEC"), which are available on the
SEC's website at www.sec.gov. Should one or more of these risks or
uncertainties materialize (or the other consequences of such a
development worsen), or should underlying assumptions prove
incorrect, actual outcomes may vary materially from those
forecasted or expected. All information in this document is as of
today. Except as required by law, both Ensco and Rowan disclaim any
intention or obligation to update publicly or revise such
statements, whether as a result of new information, future events
or otherwise.
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SOURCE Rowan Companies plc