The offshore drillers Atwood Oceanics Inc. and Ensco plc completed their merger, under which Atwood became a wholly owned subsidiary of Ensco.
The deal completion followed Atwood shareholders' approval of the merger agreement. The combined company is estimated to have an enterprise value of $6.9 billion.
Ensco shareholders will own 69% of the combined company's outstanding shares, while the remaining 31% will be owned by Atwood shareholders. Atwood delisted its common stock from the New York Stock Exchange as of the opening of business on Oct. 6. Each outstanding Atwood common share also has been converted into the right to receive 1.60 class A ordinary shares of Ensco.
Ensco is a London-based company that provides offshore drilling services to the global petroleum industry. Atwood Oceanics was an offshore drilling contractor based in Houston.