Offshore drilling contractors Ensco plc and Rowan Companies plc Rowan Companies plc have received the final approval for their merger, which was announced four months ago.
In a joint announcement, shareholders for both companies voted to approve the all-stock transaction under which Rowan shareholders will receive 2.75 Ensco shares for each Rowan share they own.
The final results of the Rowan Court and General Meetings held today reflect that approximately 91.5% of the shares voted at the meetings were voted in favor of the pending transaction. At today's Ensco General Meeting, approximately 99.3% of the shares voted at the meeting were voted in favor of the pending combination.
Tom Burke, Rowan's President and Chief Executive Officer, said: "We are pleased that Rowan shareholders overwhelmingly support the pending combination with Ensco and have voted to approve the transaction. Combining our organizations will enable Rowan and Ensco shareholders to participate in the substantial value creation opportunities of a larger, more technologically-advanced and diverse offshore drilling company. We wish to thank Rowan shareholders for their continued support and look forward to completing the transaction with Ensco."
Carl Trowell, Ensco's President and Chief Executive Officer, stated: "We are gratified that Ensco shareholders recognize the strategic and financial merits of our pending combination with Rowan. The combined company will be an industry leader in offshore drilling across all water depths that is well positioned to better serve our customers. We are eager to close the transaction and begin delivering on the significant opportunities of the combined company."
Completion of the transaction, which is expected to occur in the first half of 2019, remains subject to satisfaction or waiver of certain other conditions.